OneMain (OMF) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 22, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36129
Entity Registrant Name	ONEMAIN HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3379612
Entity Address, Address Line One	601 N.W. Second Street
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47708
City Area Code	812
Local Phone Number	424-8031
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	OMF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		134,325,845
Entity Central Index Key	0001584207
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
OMFC
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-06155
Entity Registrant Name	ONEMAIN FINANCE CORPORATION
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0416090
Entity Address, Address Line One	601 N.W. Second Street
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47708
City Area Code	812
Local Phone Number	424-8031
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,160,021
Entity Central Index Key	0000025598
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,944	$ 1,227
Investment securities (includes available-for-sale securities with a fair value of $1.8 billion and an amortized cost basis of $1.7 billion in 2020)	1,882	1,884
Net finance receivables (includes loans of consolidated VIEs of $9.4 billion in 2020 and $8.4 billion in 2019)	17,817	18,389
Unearned insurance premium and claim reserves	(778)	(793)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.2 billion in 2020 and $340 million in 2019)	(2,324)	(829)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	14,715	16,767
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $479 million in 2020 and $400 million in 2019)	497	405
Goodwill	1,422	1,422
Other intangible assets	315	343
Other assets	1,082	769
Total assets	21,857	22,817
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $8.4 billion in 2020 and $7.6 billion in 2019)	17,531	17,212
Insurance claims and policyholder liabilities	620	649
Deferred and accrued taxes	55	34
Other liabilities	528	592
Total liabilities	18,734	18,487
Contingencies (Note 14)
Shareholders’ equity:
Common stock	1	1
Additional paid-in capital	1,651	1,689
Accumulated other comprehensive income	79	44
Retained earnings	1,392	2,596
Total shareholders’ equity	3,123	4,330
Total liabilities and shareholders’ equity	21,857	22,817
OMFC
Assets
Cash and cash equivalents	1,944	1,227
Investment securities (includes available-for-sale securities with a fair value of $1.8 billion and an amortized cost basis of $1.7 billion in 2020)	1,882	1,884
Net finance receivables (includes loans of consolidated VIEs of $9.4 billion in 2020 and $8.4 billion in 2019)	17,817	18,389
Unearned insurance premium and claim reserves	(778)	(793)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.2 billion in 2020 and $340 million in 2019)	(2,324)	(829)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	14,715	16,767
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $479 million in 2020 and $400 million in 2019)	497	405
Goodwill	1,422	1,422
Other intangible assets	315	343
Other assets	1,081	768
Total assets	21,856	22,816
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $8.4 billion in 2020 and $7.6 billion in 2019)	17,531	17,212
Insurance claims and policyholder liabilities	620	649
Deferred and accrued taxes	57	35
Other liabilities	526	595
Total liabilities	18,734	18,491
Contingencies (Note 14)
Shareholders’ equity:
Common stock	5	5
Additional paid-in capital	1,895	1,888
Accumulated other comprehensive income	79	44
Retained earnings	1,143	2,388
Total shareholders’ equity	3,122	4,325
Total liabilities and shareholders’ equity	$ 21,856	$ 22,816

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value	$ 1,806	$ 1,798
Investment, amortized cost basis	1,705	1,745
Net finance receivables	17,817	18,389
Financing receivable, allowance for credit loss	2,324	829
Restricted cash and restricted cash equivalents	497	405
Long-term debt	17,531	17,212
Other liabilities	$ 528	$ 592
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	134,323,013	136,101,156
Common stock, shares outstanding (in shares)	134,323,013	136,101,156
Finance receivable - Personal loan
Net finance receivables	$ 17,817	$ 18,389
Financing receivable, allowance for credit loss	2,324	829
OMFC
Fair Value	1,800
Investment, amortized cost basis	1,700
Net finance receivables	17,817	18,389
Financing receivable, allowance for credit loss	2,324	829
Restricted cash and restricted cash equivalents	497	405
Long-term debt	17,531	17,212
Other liabilities	$ 526	$ 595
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	10,160,021	10,160,021
Common stock, shares outstanding (in shares)	10,160,021	10,160,021
Consolidated VIEs
Financing receivable, allowance for credit loss	$ 1,184	$ 340
Restricted cash and restricted cash equivalents	479	400
Long-term debt	8,366	7,643
Other liabilities	15	14
Consolidated VIEs | Finance receivable - Personal loan
Net finance receivables	9,371	8,428
Consolidated VIEs | OMFC
Financing receivable, allowance for credit loss	1,200	340
Restricted cash and restricted cash equivalents	479	400
Long-term debt	8,400	7,600
Other liabilities	15	14
Consolidated VIEs | OMFC | Finance receivable - Personal loan
Net finance receivables	$ 9,400	$ 8,400

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income	$ 1,089	$ 1,065	$ 3,273	$ 3,020
Interest expense	255	244	781	717
Net interest income	834	821	2,492	2,303
Provision for finance receivable losses	231	282	1,186	836
Net interest income after provision for finance receivable losses	603	539	1,306	1,467
Other revenues:
Insurance	109	117	334	341
Investment	17	21	56	71
Net loss on repurchase and repayment of debt	(38)	(2)	(38)	(35)
Net gain on sale of real estate loans	0	0	0	3
Other	13	20	38	80
Total other revenues	101	156	390	460
Other expenses:
Salaries and benefits	186	205	568	609
Other operating expenses	134	146	425	422
Insurance policy benefits and claims	43	47	201	141
Total other expenses	363	398	1,194	1,172
Income (loss) before income tax expense (benefit)	341	297	502	755
Income tax expense (benefit)	91	49	131	161
Net income	$ 250	$ 248	$ 371	$ 594
Weighted average number of shares outstanding:
Basic (in shares)	134,321,929	136,095,481	134,847,170	136,060,832
Diluted (in shares)	134,507,549	136,376,051	134,999,487	136,272,391
Earnings per share:
Basic (in dollars per share)	$ 1.86	$ 1.82	$ 2.75	$ 4.36
Diluted (in dollars per share)	$ 1.86	$ 1.82	$ 2.75	$ 4.36
OMFC
Interest income	$ 1,089	$ 1,065	$ 3,273	$ 3,020
Interest expense	255	247	781	719
Net interest income	834	818	2,492	2,301
Provision for finance receivable losses	231	282	1,186	836
Net interest income after provision for finance receivable losses	603	536	1,306	1,465
Other revenues:
Insurance	109	117	334	341
Investment	17	21	56	71
Net loss on repurchase and repayment of debt	(38)	(2)	(38)	(35)
Net gain on sale of real estate loans	0	0	0	3
Other	13	20	38	88
Total other revenues	101	156	390	468
Other expenses:
Salaries and benefits	186	205	568	609
Other operating expenses	134	145	425	421
Insurance policy benefits and claims	43	47	201	141
Total other expenses	363	397	1,194	1,171
Income (loss) before income tax expense (benefit)	341	295	502	762
Income tax expense (benefit)	91	51	131	165
Net income	$ 250	$ 244	$ 371	$ 597

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income	$ 250	$ 248	$ 371	$ 594
Other comprehensive income:
Net change in unrealized gains on non-credit impaired available-for-sale securities	16	14	49	90
Foreign currency translation adjustments	2	(1)	(3)	3
Income tax effect:
Net change in unrealized gains on non-credit impaired available-for-sale securities	(4)	(3)	(11)	(21)
Foreign currency translation adjustments	0	0	1	0
Other comprehensive income, net of tax, before reclassification adjustments	14	10	36	72
Net realized gains on available-for-sale securities, net of tax	0	0	(1)	0
Reclassification adjustments included in net income, net of tax	0	0	(1)	0
Other comprehensive income, net of tax	14	10	35	72
Comprehensive income	264	258	406	666
OMFC
Net income	250	244	371	597
Other comprehensive income:
Net change in unrealized gains on non-credit impaired available-for-sale securities	16	14	49	90
Foreign currency translation adjustments	2	(1)	(3)	4
Income tax effect:
Net change in unrealized gains on non-credit impaired available-for-sale securities	(4)	(3)	(11)	(21)
Retirement plan liability adjustments	0	0	0	1
Foreign currency translation adjustments	0	0	1	0
Other comprehensive income, net of tax, before reclassification adjustments	14	10	36	72
Net realized gains on available-for-sale securities, net of tax	0	0	(1)	0
Reclassification adjustments included in net income, net of tax	0	0	(1)	0
Other comprehensive income, net of tax	14	10	35	72
Comprehensive income	$ 264	$ 254	$ 406	$ 669

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Millions	Total		Net impact of adoption of ASU 2016-13	Balance post-adoption	Common Stock	Common StockBalance post-adoption	Additional Paid-in Capital	Additional Paid-in CapitalBalance post-adoption	Total Accumulated Other Comprehensive Income (Loss)	Total Accumulated Other Comprehensive Income (Loss)Balance post-adoption	Retained Earnings		Retained EarningsNet impact of adoption of ASU 2016-13	[1]	Retained EarningsBalance post-adoption	OMFC	OMFCBalance post-adoption	OMFCCommon Stock	OMFCCommon StockBalance post-adoption	OMFCAdditional Paid-in Capital	OMFCAdditional Paid-in CapitalBalance post-adoption	OMFCTotal Accumulated Other Comprehensive Income (Loss)	OMFCTotal Accumulated Other Comprehensive Income (Loss)Balance post-adoption	OMFCRetained Earnings	OMFCRetained EarningsBalance post-adoption	SMHCOMFC	SMHCOMFCAdditional Paid-in Capital
Balance at beginning of period at Dec. 31, 2018	$ 3,799				$ 1		$ 1,681		$ (34)		$ 2,151					$ 4,021		$ 5		$ 2,110		$ (34)		$ 1,940
Increase (Decrease) in Stockholders' Equity
Contribution of SCHC to OMFC from SFI																										$ 34	$ 34
Share-based compensation expense, net of forfeitures	10						10									10				10
Withholding tax on share-based compensation	(5)						(5)									(5)				(5)
Other comprehensive income (loss)	72								72							72						72
Merger of SFI with OMFC																(408)				(408)
Cash contribution from OMH																144				144
Cash dividends	(376)	[1]									(376)	[1]				(376)								(376)
Net income	594										594					597								597
Balance at end of period at Sep. 30, 2019	$ 4,094				1		1,686		38		2,369					4,089		5		1,885		38		2,161
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 2.75
Balance at beginning of period at Dec. 31, 2018	$ 3,799				1		1,681		(34)		2,151					4,021		5		2,110		(34)		1,940
Balance at end of period at Dec. 31, 2019	$ 4,330		$ (828)	$ 3,502	1	$ 1	1,689	$ 1,689	44	$ 44	2,596		$ (828)		$ 1,768	4,325	$ 3,497	5	$ 5	1,888	$ 1,888	44	$ 44	2,388	$ 1,560
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Balance at beginning of period at Jun. 30, 2019	$ 4,141				1		1,683		28		2,429					4,404		5		2,146		28		2,225
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense, net of forfeitures	3						3									3				3
Other comprehensive income (loss)	10								10							10						10
Merger of SFI with OMFC																(408)				(408)
Cash contribution from OMH																144				144
Cash dividends	(308)	[1]									(308)	[1]				(308)								(308)
Net income	248										248					244								244
Balance at end of period at Sep. 30, 2019	$ 4,094				1		1,686		38		2,369					4,089		5		1,885		38		2,161
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 2.25
Balance at beginning of period at Dec. 31, 2019	$ 4,330		$ (828)	$ 3,502	1	$ 1	1,689	$ 1,689	44	$ 44	2,596		$ (828)		$ 1,768	4,325	$ 3,497	5	$ 5	1,888	$ 1,888	44	$ 44	2,388	$ 1,560
Increase (Decrease) in Stockholders' Equity
Common stock repurchased and retired	(45)						(45)
Share-based compensation expense, net of forfeitures	13						13									13				13
Withholding tax on share-based compensation	(6)						(6)									(6)				(6)
Other comprehensive income (loss)	35								35							35						35
Cash dividends	(747)	[1]									(747)	[1]				(788)								(788)
Net income	371										371					371								371
Balance at end of period at Sep. 30, 2020	$ 3,123				1		1,651		79		1,392					3,122		5		1,895		79		1,143
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 5.49
Balance at beginning of period at Jun. 30, 2020	$ 3,171				1		1,648		65		1,457					3,170		5		1,892		65		1,208
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense, net of forfeitures	3						3									3				3
Other comprehensive income (loss)	14								14							14						14
Cash dividends	(315)	[1]									(315)	[1]				(315)								(315)
Net income	250										250					250								250
Balance at end of period at Sep. 30, 2020	$ 3,123				$ 1		$ 1,651		$ 79		$ 1,392					$ 3,122		$ 5		$ 1,895		$ 79		$ 1,143
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 2.33
[1]	Cash dividends declared were $2.33 per share and $2.25 per share during the three months ended September 30, 2020 and 2019, respectively, and $5.49 per share and $2.75 per share during the nine months ended September 30, 2020 and 2019, respectively.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 371	$ 594
Reconciling adjustments:
Provision for finance receivable losses	1,186	836
Depreciation and amortization	196	203
Deferred income tax charge (benefit)	(72)	8
Net loss on repurchase and repayment of debt	38	35
Share-based compensation expense, net of forfeitures	13	10
Other	5	(8)
Cash flows due to changes in other assets and other liabilities	(108)	51
Net cash provided by operating activities	1,629	1,729
Cash flows from investing activities
Net principal originations of finance receivables held for investment and held for sale	(278)	(2,445)
Proceeds on sale of finance receivables held for sale originated as held for investment	0	19
Available-for-sale securities purchased	(341)	(499)
Available-for-sale securities called, sold, and matured	383	457
Other securities purchased	(11)	(13)
Other securities called, sold, and matured	11	26
Other, net	(21)	(1)
Net cash used for investing activities	(257)	(2,456)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of commissions	6,445	5,157
Repayment of long-term debt	(6,212)	(3,402)
Cash dividends	(745)	(374)
Common stock repurchased and retired	(45)	0
Withholding tax on share-based compensation	(6)	(5)
Net cash provided by (used in) financing activities	(563)	1,376
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	809	649
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	1,632	1,178
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	2,441	1,827
Supplemental cash flow information
Total cash and cash equivalents and restricted cash and restricted cash equivalents	2,441	1,827
Cash paid for amounts included in the measurement of operating lease liabilities	44	44
Supplemental non-cash activities
Right-of-use assets obtained in exchange for operating lease obligations	34	221
Non-cash contribution of SCLH	0	22
OMFC
Cash flows from operating activities
Net income	371	597
Reconciling adjustments:
Provision for finance receivable losses	1,186	836
Depreciation and amortization	196	203
Deferred income tax charge (benefit)	(72)	9
Net loss on repurchase and repayment of debt	38	35
Share-based compensation expense, net of forfeitures	13	10
Other	5	(8)
Cash flows due to changes in other assets and other liabilities	(112)	77
Net cash provided by operating activities	1,625	1,759
Cash flows from investing activities
Net principal originations of finance receivables held for investment and held for sale	(278)	(2,445)
Proceeds on sale of finance receivables held for sale originated as held for investment	0	19
Available-for-sale securities purchased	(341)	(499)
Available-for-sale securities called, sold, and matured	383	457
Other securities purchased	(11)	(13)
Other securities called, sold, and matured	11	26
Other, net	(21)	(1)
Net cash used for investing activities	(257)	(2,456)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of commissions	6,445	5,157
Repayment of long-term debt	(6,212)	(3,402)
Cash dividends	(45)
Cash contribution from OMH	0	144
Payments on intercompany notes payable	0	(170)
Withholding tax on share-based compensation	(6)	(5)
Net cash provided by (used in) financing activities	(559)	1,362
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	809	665
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	1,632	1,162
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	2,441	1,827
Supplemental cash flow information
Total cash and cash equivalents and restricted cash and restricted cash equivalents	2,441	1,827
Cash paid for amounts included in the measurement of operating lease liabilities	44	44
Supplemental non-cash activities
Right-of-use assets obtained in exchange for operating lease obligations	34	221
Non-cash merger of SFI with OMFC	0	(408)
SCLH | OMFC
Cash flows from financing activities
Cash contribution of related party	0	12
Supplemental non-cash activities
Non-cash contribution of SCLH	0	22
OMH | OMFC
Cash flows from financing activities
Cash dividends	$ (786)	$ (374)

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	1. Business and Basis of Presentation OneMain Holdings, Inc. (“OMH”), and its wholly-owned direct subsidiary, OneMain Finance Corporation (“OMFC”) (formerly known as Springleaf Finance Corporation (“SFC”)) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses. Prior to the completion of the merger described below, OMH’s direct subsidiary was Springleaf Finance, Inc. (“SFI”). Effective July 1, 2020, SFC was renamed to OMFC. The name change did not affect OMFC’s legal entity structure, nor did it have an impact on OMH’s or OMFC’s financial statements. OMFC is used in this report to include references to transactions and arrangements occurring prior to the name change. On September 20, 2019, OMFC entered into a merger agreement with its direct parent, SFI, to merge SFI with and into OMFC, with OMFC as the surviving entity. The merger was effective in OMFC's condensed consolidated financial statements as of July 1, 2019. As a result of the merger with SFI, OMFC became a wholly-owned direct subsidiary of OMH. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “we,” “us,” or “our.” The information in this Quarterly Report on Form 10-Q is equally applicable to OMH and OMFC, except where otherwise indicated. At September 30, 2020, the Apollo-Värde Group owned approximately 40.9% of OMH’s common stock. BASIS OF PRESENTATION We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its subsidiaries (all of which are wholly-owned), and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date. We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date. To conform to the 2020 presentation, we have reclassified certain items in prior periods of our condensed consolidated financial statements. The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Annual Report on Form 10-K. We follow the same significant accounting policies for our interim reporting, except for the new accounting pronouncements subsequently adopted and disclosed in Note 3 below.

Reconciliation of OneMain Finan

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results	2. Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC. OMFC disclosures relate only to itself and not to any other company. Except where otherwise indicated, and excluding certain insignificant cash and non-cash transactions at the OMH level, these notes relate to the condensed consolidated financial statements for both companies, OMH and OMFC. In addition to certain intercompany payable and receivable amounts between the entities, the following is a reconciliation of the condensed consolidated balance sheets and results of our condensed consolidated statements of operations of OMFC to OMH: September 30, 2020 December 31, 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other assets $ 1,082 $ 1,081 $ 1 $ 769 $ 768 $ 1 Deferred and accrued taxes 55 57 (2) 34 35 (1) Other liabilities 528 526 2 592 595 (3) Total shareholders' equity (a) 3,123 3,122 1 4,330 4,325 5 Three Months Ended September 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Interest expense $ 255 $ 255 $ — $ 244 $ 247 $ (3) Other operating expenses 134 134 — 146 145 1 Income before income taxes 341 341 — 297 295 2 Income taxes 91 91 — 49 51 (2) Net Income 250 250 — 248 244 4 Nine Months Ended September 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Interest expense $ 781 $ 781 $ — $ 717 $ 719 $ (2) Other revenues (b) 38 38 — 80 88 (8) Other operating expenses 425 425 — 422 421 1 Income before income taxes 502 502 — 755 762 (7) Income taxes 131 131 — 161 165 (4) Net Income 371 371 — 594 597 (3) (a) The differences between total shareholders’ equity in the periods ended September 30, 2020 and December 31, 2019 were due to historical differences in results of operations of the companies and differences in equity awards. (b) Other revenues include the interest income on notes receivables from parent, which were notes from SFI held by OMFC and Springleaf Mortgage Holding Company and subsidiaries (“SMHC”), a wholly-owned direct subsidiary of OMFC. See Note 1 and below for further discussion of the merger between SFI and OMFC. The following transactions are related to OMFC and have no impact on OMH's condensed consolidated financial results. Merger of SFI into OMFC On September 20, 2019, OMFC entered into a merger agreement with its direct parent SFI, to merge SFI with and into OMFC, with OMFC as the surviving entity. The merger was effective in OMFC's condensed consolidated financial statements as of July 1, 2019. In conjunction with the merger, the net deficiency of SFI, after elimination of its investment in OMFC, was absorbed by OMFC resulting in an equity reduction of $408 million to OMFC, which included the elimination of the intercompany notes and receivables between OMFC and SFI, as discussed below. The net deficiency of SFI included an intercompany note payable plus accrued interest of $166 million from SFI to OMH, which OMFC assumed through the merger. On September 23, 2019, OMFC repaid SFI’s note to OMH. Concurrently, OMH paid $22 million in other payables due to OMFC and made an equity contribution of $144 million to OMFC. The transactions noted above resulted in a net $264 million reduction to OMFC's equity. OMFC's Notes Receivable from Parent As a result of the merger between SFI and OMFC, described in Note 1 and above, a $232 million note receivable from SFI to OMFC was dissolved effective July 1, 2019. Additionally, OMFC assumed a $28 million note payable from SFI to SMHC, a wholly-owned subsidiary of OMFC, and OMFC subsequently paid off the note on September 23, 2019. For the three months ended September 30, 2019, there was no interest income recognized on these notes. For the nine months ended September 30, 2019, interest income on these notes totaled $8 million, which we report in other revenues. Springleaf Consumer Loan Holding Company (“SCLH”) Contribution On March 10, 2019, all of the outstanding capital stock of SCLH, a subsidiary of SFI, was contributed to OMFC and SCLH became a wholly-owned direct subsidiary of OMFC. The contribution was effective as of January 1, 2019 and increased OMFC’s total shareholder’s equity and total assets by $34 million and $53 million, respectively. The contribution is presented prospectively because it is deemed to be a contribution of net assets.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	3. Recent Accounting Pronouncements ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED Financial Instruments - Credit Losses In June of 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments , which significantly changes the way that entities are required to measure credit losses. The new standard requires that the estimated credit loss be based upon an “expected credit loss” approach rather than the “incurred loss” approach previously required. The new approach requires entities to measure all expected credit losses for financial assets over their expected lives based on historical experience, current conditions, and reasonable and supportable forecasts of collectability. The expected credit loss model requires earlier recognition of credit losses than the incurred loss approach. We expect ongoing changes in the allowance for finance receivable losses will be driven primarily by the growth of our loan portfolio, mix of secured and unsecured loans, credit quality, and the economic environment at that time. In addition, the ASU developed a new accounting treatment for purchased financial assets with credit deterioration. The ASU also modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring companies to record an allowance for credit impairment rather than write-downs of such assets. Management has reviewed this update and other ASUs that were subsequently issued to further clarify the implementation guidance outlined in ASU 2016-13 We adopted the amendments of these ASUs as of January 1, 2020. Upon adoption, we recorded an increase to the allowance for finance receivable losses of $1.12 billion, an increase to deferred tax assets of $0.28 billion, and a corresponding one-time cumulative reduction to retained earnings, net of tax, of $0.83 billion in the consolidated balance sheet as of January 1, 2020. The adoption of this ASU, as it relates to available-for-sale debt securities, did not have a material impact on the consolidated financial statements as of January 1, 2020. As a result of the adoption of ASU 2016-13, several of our significant accounting policies have changed to reflect the requirements of the new standard. See below for these updated significant accounting policies as of January 1, 2020. Allowance for Finance Receivable Losses We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts. We evaluate our finance receivables for impairment as pools. None of our accounts are large enough to warrant individual evaluation for impairment. We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our finance receivable portfolios. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our finance receivables are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include collateral mix and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates and bankruptcy filings. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Renewals are a significant piece of our new volume and are considered a terminal event of the previous loan. We have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning. Impairments on Investment Securities: Available-for-sale. We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present: • we intend to sell the security; • it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or • we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security). If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in investment revenues equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period. In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines. If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred. If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in investment revenues, and the non-credit loss amount in accumulated other comprehensive income or loss. For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in investment revenues. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in accumulated other comprehensive income or loss. Interest receivables on our investment securities are excluded from the amortized cost and fair value and are recorded in “Other assets.” We have elected not to measure an allowance on interest receivables due to our policy to reverse interest receivable at the time collectability is uncertain. The reversal of interest receivable is recorded in investment revenue. See Notes 4, 5, and 7 for additional information on the adoption of ASU 2016-13. ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED Insurance In August of 2018, the FASB issued ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts , which provides targeted improvements to Topic 944 for the assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment contracts; measurement of market risk benefits; amortization of deferred acquisition costs; and enhanced disclosures. Under current guidance, this ASU will become effective for us beginning January 1, 2022. In July of 2020, the FASB proposed a one-year deferral of this ASU to become effective for public entities for fiscal years beginning January 1, 2023. We have a cross-functional implementation team and a project plan to ensure we comply with all the amendments in this ASU at the time of adoption. We have engaged various vendors to assess a software solution to meet the new accounting and disclosure requirements of the ASU and are currently working toward an agreement with our preferred candidate. We continue to make progress in evaluating the potential impact of the adoption of the ASU on our consolidated financial statements. We do not believe that any other accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Finance Receivables	4. Finance Receivables Our finance receivables consist of personal loans, which are non-revolving, with a fixed-rate, fixed terms generally between three Net finance receivables consist of our total portfolio of personal loans. Components of our personal loans were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Gross receivables * $ 17,606 $ 18,195 Unearned points and fees (224) (242) Accrued finance charges 290 289 Deferred origination costs 145 147 Total $ 17,817 $ 18,389 * Gross receivables equal the unpaid principal balance (“UPB”) except for the following: • Finance receivables purchased as a performing receivable — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase to reflect the finance receivable balance at its initial fair value; • Purchased credit impaired finance receivables — gross receivables equal the remaining estimated cash flows less the current balance of accretable yield on the purchased credit impaired accounts established prior to the adoption of ASU 2016-13; and • Purchased credit deteriorated finance receivables — gross receivables equal the UPB and any remaining unearned discount established at the time of the adoption of ASU 2016-13 on January 1, 2020. CREDIT QUALITY INDICATOR We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio. When finance receivables are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and we transfer collection of these accounts to our centralized operations. At 90 days or more contractually past due, we consider our finance receivables to be nonperforming. We stop accruing finance charges and reverse finance charges previously accrued on nonperforming loans. We reversed net accrued finance charges of $16 million and $66 million during the three and nine months ended September 30, 2020, respectively. Finance charges recognized from the contractual interest portion of payments received on nonaccrual finance receivables totaled $3 million and $12 million during the three and nine months ended September 30, 2020, respectively. All loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses. The following is a summary of our personal loans held for investment by the year of origination and number of days delinquent, our key credit quality indicator, at September 30, 2020: (dollars in millions) 2020 2019 2018 2017 2016 Prior Total Performing Current $ 6,504 $ 6,940 $ 2,534 $ 844 $ 251 $ 132 $ 17,205 30-59 days past due 36 103 45 19 7 5 215 60-89 days past due 20 66 28 11 4 2 131 Total performing 6,560 7,109 2,607 874 262 139 17,551 Nonperforming (Nonaccrual) 90-179 days past due 26 133 61 23 9 6 258 180 days or more past due — 5 2 1 — — 8 Total nonperforming 26 138 63 24 9 6 266 Total $ 6,586 $ 7,247 $ 2,670 $ 898 $ 271 $ 145 $ 17,817 The following is a summary of our personal loans held for investment by number of days delinquent at December 31, 2019, which is prior to the adoption of ASU 2016-13 on January 1, 2020 and continues to be reported under ASC 310, Receivables : (dollars in millions) Total Performing Current $ 17,550 30-59 days past due 272 60-89 days past due 181 Total performing 18,003 Nonperforming 90-179 days past due 377 180 days or more past due 9 Total nonperforming 386 Total $ 18,389 PURCHASED CREDIT IMPAIRED FINANCE RECEIVABLES ASU 2016-13 superseded the accounting for purchased credit impaired finance receivables with purchase credit deteriorated finance receivables. As a result, we converted all purchased credit impaired finance receivables to purchased credit deteriorated finance receivables in accordance with ASC Topic 326, which resulted in the gross-up of net finance receivables and allowance for finance receivable losses of $15 million on January 1, 2020. Due to the adoption of ASU 2016-13, the following disclosures related to purchase credit impaired finance receivables are no longer applicable for reporting periods beginning in 2020. We previously reported the carrying amount of our purchased credit impaired personal loans in net finance receivables, less allowance for finance receivable losses, and our purchased credit impaired real estate loans in finance receivables held for sale as discussed below. At December 31, 2019, finance receivables held for sale, reported in “Other assets,” totaled $64 million, which include purchased credit impaired real estate loans, as well as TDR real estate loans. See Note 6 for further information on our finance receivables held for sale. Information regarding purchased credit impaired finance receivables were as follows: (dollars in millions) December 31, 2019 Personal Loans Carrying amount, net of allowance $ 40 Outstanding balance (a) 74 Allowance for purchased credit impaired finance receivable losses (b) — Real Estate Loans - Held for Sale Carrying amount $ 19 Outstanding balance (a) 35 (a) Outstanding balance is defined as the UPB of the loans with a net carrying amount. (b) The allowance for purchased credit impaired finance receivable losses reflects the carrying value of the purchased credit impaired loans held for investment exceeding the present value of the expected cash flows. As indicated above, no allowance was required as of December 31, 2019. Changes in accretable yield for purchased credit impaired finance receivables were as follows: (dollars in millions) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Personal Loans Balance at beginning of period $ 46 $ 39 Accretion (6) (15) Reclassifications from nonaccretable difference * — 16 Balance at end of period $ 40 $ 40 Real Estate Loans - Held for Sale Balance at beginning of period $ 23 $ 27 Accretion (1) (2) Transfer due to finance receivables sold — (3) Balance at end of period $ 22 $ 22 * Reclassifications from nonaccretable difference represents the increases in accretable yield resulting from higher estimated undiscounted cash flows. TDR FINANCE RECEIVABLES Information regarding TDR finance receivables were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Personal Loans TDR gross receivables (a) $ 699 $ 655 TDR net receivables (b) 701 658 Allowance for TDR finance receivable losses 321 272 Real Estate Loans - Held for Sale TDR gross receivables (a) $ 49 $ 52 TDR net receivables (b) 49 53 (a) TDR gross receivables — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase if previously purchased as a performing receivable. (b) TDR net receivables — TDR gross receivables net of unearned points and fees, accrued finance charges, and deferred origination costs. TDR average net receivables and finance charges recognized on TDR finance receivables for our personal loans that are held for investment and our real estate loans that are held for sale were as follows: (dollars in millions) Personal Real Estate Loans Total Three Months Ended September 30, 2020 TDR average net receivables $ 701 $ 49 $ 750 TDR finance charges recognized 13 1 14 Three Months Ended September 30, 2019 TDR average net receivables $ 571 $ 55 $ 626 TDR finance charges recognized 11 1 12 Nine Months Ended September 30, 2020 TDR average net receivables $ 692 $ 51 $ 743 TDR finance charges recognized 38 2 40 Nine Months Ended September 30, 2019 TDR average net receivables $ 525 $ 59 $ 584 TDR finance charges recognized 35 2 37 Information regarding the new volume of the TDR finance receivables held for investment were as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Pre-modification TDR net finance receivables $ 105 $ 129 $ 392 $ 373 Post-modification TDR net finance receivables: Rate reduction 67 86 242 257 Other * 38 43 150 116 Total post-modification TDR net finance receivables $ 105 $ 129 $ 392 $ 373 Number of TDR accounts 13,581 18,545 52,780 55,358 * “Other” modifications primarily include potential principal and interest forgiveness contingent on future payment performance by the borrower under the modified terms. New volume of TDR finance receivables held for sale are not included in the table above as they were immaterial for the three and nine months ended September 30, 2020 and 2019. Personal loans held for investment that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) are reflected in the following table. Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans TDR net finance receivables * $ 20 $ 27 $ 77 $ 66 Number of TDR accounts 2,947 4,202 11,286 10,298 * Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted. Real estate loans held for sale that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) were immaterial for the three and nine months ended September 30, 2020 and 2019.

Allowance for Finance Receivabl

Allowance for Finance Receivable Losses	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Allowance for Finance Receivable Losses	5. Allowance for Finance Receivable Losses We establish an allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by the level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the estimated lifetime expected credit losses on our finance receivables, pursuant to the adoption of ASU 2016-13 on January 1, 2020. Prior to the adoption of ASU 2016-13, we estimated and recorded an allowance for finance receivable losses to cover estimated incurred losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions. See Note 3 for additional information regarding our policy for allowance for finance receivable losses. Our current methodology to estimate expected credit losses used the most recent macroeconomic forecasts, which incorporated the projected impacts of the global outbreak of a novel strain of coronavirus (“COVID-19”) on the U.S. economy. Our forecast leveraged economic projections from an industry leading forecast provider. We also incorporated estimated impacts from known government stimulus measures, the involuntary unemployment insurance coverage of our portfolio, and our borrower assistance efforts. At September 30, 2020, our economic forecast used a reasonable and supportable period of 12 months. The increase in our allowance for finance receivable losses for the nine months ended September 30, 2020 was largely due to these economic considerations relating to COVID-19 along with the adoption of ASU 2016-13. Changes in the allowance for finance receivable losses were as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Balance at beginning of period $ 2,324 $ 744 $ 829 $ 731 Impact of adoption of ASU 2016-13 * — — 1,118 — Provision for finance receivable losses 231 282 1,186 836 Charge-offs (274) (260) (931) (862) Recoveries 43 32 122 93 Balance at end of period $ 2,324 $ 798 $ 2,324 $ 798 * As a result of the adoption of ASU 2016-13 on January 1, 2020, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3 and 4 for additional information on the adoption of ASU 2016-13. The allowance for finance receivable losses and net finance receivables by impairment method were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Allowance for finance receivable losses: Collectively evaluated for impairment $ 2,003 $ 557 Purchased credit impaired finance receivables * — — TDR finance receivables 321 272 Total $ 2,324 $ 829 Finance receivables: Collectively evaluated for impairment $ 17,116 $ 17,691 Purchased credit impaired finance receivables * — 40 TDR finance receivables 701 658 Total $ 17,817 $ 18,389 Allowance for finance receivable losses as a percentage of finance receivables 13.05 % 4.51 % * As a result of the adoption of ASU 2016-13 on January 1, 2020, the accounting for purchased credit impaired finance receivables was superseded with purchase credit deteriorated finance receivables which are collectively evaluated for impairment. See Notes 3 and 4 for additional information on the adoption of ASU 2016-3.

Finance Receivables Held for Sa

Finance Receivables Held for Sale	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Finance Receivables Held for Sale	6. Finance Receivables Held for Sale We reported finance receivables held for sale, included within “Other assets,” of $54 million at September 30, 2020 and $64 million at December 31, 2019, which consist entirely of real estate loans, and are carried at the lower of cost or fair value, applied on an aggregate basis. In February 2019, we sold a portfolio of real estate loans with a carrying value of $16 million for aggregate cash proceeds of $19 million and recorded a net gain in other revenues of $3 million (“February 2019 Real Estate Loan Sale”). After the recognition of the February 2019 Real Estate Loan Sale, the carrying value of the remaining loans classified in finance receivables held for sale exceeded their fair value, and accordingly, we marked the remaining loans to fair value and recorded an impairment in other revenue of $3 million.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	7. Investment Securities AVAILABLE-FOR-SALE SECURITIES Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows: (dollars in millions) Cost/ Unrealized Unrealized Fair September 30, 2020* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 12 $ — $ — $ 12 Obligations of states, municipalities, and political subdivisions 81 5 — 86 Commercial paper 24 — — 24 Non-U.S. government and government sponsored entities 132 9 — 141 Corporate debt 1,106 83 (5) 1,184 Mortgage-backed, asset-backed, and collateralized: RMBS 211 7 — 218 CMBS 61 2 — 63 CDO/ABS 78 1 (1) 78 Total $ 1,705 $ 107 $ (6) $ 1,806 * There was no allowance for credit losses related to our investment securities as of September 30, 2020. (dollars in millions) Cost/ Unrealized Unrealized Fair December 31, 2019* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 11 $ — $ — $ 11 Obligations of states, municipalities, and political subdivisions 91 2 (1) 92 Commercial paper 91 — — 91 Non-U.S. government and government sponsored entities 144 3 — 147 Corporate debt 1,054 45 (1) 1,098 Mortgage-backed, asset-backed, and collateralized: RMBS 214 3 — 217 CMBS 56 1 — 57 CDO/ABS 84 1 — 85 Total $ 1,745 $ 55 $ (2) $ 1,798 * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities . As of September 30, 2020, interest receivables reported in “Other assets” totaled $13 million. Amounts reversed from investment revenue for available-for-sale securities were immaterial. Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows: Less Than 12 Months 12 Months or Longer Total (dollars in millions) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2020 Obligations of states, municipalities, and political subdivisions $ 3 $ — $ — $ — $ 3 $ — Commercial paper 19 — — — 19 — Non-U.S. government and government sponsored entities 3 — — — 3 — Corporate debt 95 (4) 5 (1) 100 (5) Mortgage-backed, asset-backed, and collateralized: RMBS 10 — — — 10 — CMBS 21 — — — 21 — CDO/ABS 21 (1) — — 21 (1) Total $ 172 $ (5) $ 5 $ (1) $ 177 $ (6) December 31, 2019* U.S. government and government sponsored entities $ — $ — $ 3 $ — $ 3 $ — Obligations of states, municipalities, and political subdivisions 29 (1) 4 — 33 (1) Commercial paper 76 — — — 76 — Non-U.S. government and government sponsored entities 19 — 14 — 33 — Corporate debt 63 (1) 13 — 76 (1) Mortgage-backed, asset-backed, and collateralized: RMBS 45 — — — 45 — CMBS 15 — 7 — 22 — CDO/ABS 14 — — — 14 — Total $ 261 $ (2) $ 41 $ — $ 302 $ (2) * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities . On a lot basis, we had 233 and 398 investment securities in an unrealized loss position at September 30, 2020 and December 31, 2019, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, at September 30, 2020, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of September 30, 2020, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost. We continue to monitor unrealized loss positions for potential credit impairments. During the three and nine months ended September 30, 2020, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three and nine months ended September 30, 2020. Prior to the adoption of ASU 2016-13, other-than-temporary impairment losses, primarily on corporate debt, in investment revenues were immaterial during the three and nine months ended September 30, 2019. There were no material additions or reductions in the cumulative amount of credit losses (recognized in earnings) on other-than-temporarily impaired available-for-sale securities during the three and nine months ended September 30, 2019. The proceeds of available-for-sale securities sold or redeemed during the three and nine months ended September 30, 2020 totaled $74 million and $179 million, respectively. The proceeds of available-for-sale securities sold or redeemed during the three and nine months ended September 30, 2019 totaled $36 million and $245 million, respectively. The net realized gains and losses were immaterial during the three and nine months ended September 30, 2020 and 2019. Contractual maturities of fixed-maturity available-for-sale securities at September 30, 2020 were as follows: (dollars in millions) Fair Amortized Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: Due in 1 year or less $ 128 $ 127 Due after 1 year through 5 years 605 573 Due after 5 years through 10 years 526 485 Due after 10 years 188 170 Mortgage-backed, asset-backed, and collateralized securities 359 350 Total $ 1,806 $ 1,705 Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies. The fair value of securities on deposit with third parties totaled $604 million and $633 million at September 30, 2020 and December 31, 2019, respectively. OTHER SECURITIES The fair value of other securities by type was as follows: (dollars in millions) September 30, 2020 December 31, 2019 Fixed maturity other securities: Bonds Non-U.S. government and government sponsored entities $ 1 $ 1 Corporate debt 20 24 Mortgage-backed, asset-backed, and collateralized bonds 17 15 Total bonds 38 40 Preferred stock * 14 19 Common stock * 24 26 Other long-term investments — 1 Total $ 76 $ 86 * We employ an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments. Net unrealized gains and losses on other securities held were immaterial for the three and nine months ended September 30, 2020 and 2019. Net realized gains and losses on other securities sold or redeemed were also immaterial for the three and nine months ended September 30, 2020 and 2019. Other securities include equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in investment revenue.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt	8. Long-term Debt Principal maturities of long-term debt (excluding projected repayments on securitizations by period) by type of debt at September 30, 2020 were as follows: Senior Debt (dollars in millions) Securitizations Unsecured Junior Total Interest rates (b) 0.95%-6.94% 5.38%-8.88% 2.03% Fourth quarter 2020 $ — $ — $ — $ — 2021 — 635 — 635 2022 — 992 — 992 2023 — 1,175 — 1,175 2024 — 1,300 — 1,300 2025-2067 — 4,985 350 5,335 Securitizations (c) 8,401 — — 8,401 Total principal maturities $ 8,401 $ 9,087 $ 350 $ 17,838 Total carrying amount $ 8,366 $ 8,993 $ 172 $ 17,531 Debt issuance costs (d) (32) (80) — (112) (a) Pursuant to the Base Indenture, the Supplemental Indentures and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions. (b) The interest rates shown are the range of contractual rates in effect at September 30, 2020. (c) Securitizations are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At September 30, 2020, there were no amounts drawn under our revolving conduit facilities. See Note 9 for further information on our long-term debt associated with securitizations and revolving conduit facilities. (d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $31 million at September 30, 2020 and are reported in “Other assets.” 8.875% SENIOR NOTES DUE 2025 OFFERING On May 14, 2020, OMFC issued a total of $600 million aggregate principal amount of 8.875% Senior Notes due 2025 (the “8.875% Senior Notes due 2025”) under the Base Indenture, as supplemented by the Tenth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis. REDEMPTION OF 8.25% SENIOR NOTES DUE 2020 On June 29, 2020, OMFC issued a notice of full redemption of its 8.25% Senior Notes due 2020. On July 29, 2020, OMFC paid an aggregate amount of $1.0 billion, inclusive of accrued interest and premiums, to complete the redemption. In connection with the redemption, we recognized $35 million of net loss on repurchases and repayments of debt for the three and nine months ended September 30, 2020.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	9. Variable Interest Entities CONSOLIDATED VIES We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as secured borrowings. See Note 3 and Note 11 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K for more detail regarding VIEs. We parenthetically disclose on our consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities if its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts and revolving conduit facilities were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Assets Cash and cash equivalents $ 2 $ 4 Finance receivables - Personal loans 9,371 8,428 Allowance for finance receivable losses 1,184 340 Restricted cash and restricted cash equivalents 479 400 Other assets 31 29 Liabilities Long-term debt $ 8,366 $ 7,643 Other liabilities 16 15 Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $84 million and $256 million during the three and nine months ended September 30, 2020, respectively, compared to $79 million and $243 million during the three and nine months ended September 30, 2019, respectively. SECURITIZED BORROWINGS Each of our outstanding securitizations contain a revolving period ranging from one REVOLVING CONDUIT FACILITIES We had access to 14 revolving conduit facilities with a total maximum borrowing capacity of $7.2 billion as of September 30, 2020. Our conduit facilities contain revolving periods during which time no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to ten years as of September 30, 2020. Amounts drawn on these facilities are collateralized by our personal loans.

Insurance

Insurance	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Insurance	10. Insurance Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables): At or for the (dollars in millions) 2020 2019 Balance at beginning of period $ 117 $ 117 Less reinsurance recoverables (4) (4) Net balance at beginning of period 113 113 Additions for losses and loss adjustment expenses incurred to: Current year 221 154 Prior years * (10) (13) Total 211 141 Reductions for losses and loss adjustment expenses paid related to: Current year (107) (85) Prior years (60) (57) Total (167) (142) Net balance at end of period 157 112 Plus reinsurance recoverables 3 3 Balance at end of period $ 160 $ 115

Capital Stock and Earnings Per

Capital Stock and Earnings Per Share (OMH Only)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Capital Stock and Earnings Per Share (OMH Only)	11. Capital Stock and Earnings Per Share (OMH Only) CAPITAL STOCK OMH has two classes of authorized capital stock: preferred stock and common stock. OMFC has two classes of authorized capital stock: special stock and common stock. OMH and OMFC may issue preferred stock and special stock, respectively, in one or more series. The OMH Board of Directors and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance. During the first quarter of 2020, the OMH Board of Directors approved a stock repurchase program, which allowed us to repurchase up to $200 million of OMH’s outstanding common stock with no stated expiration. On March 20, 2020, OMH temporarily suspended its stock repurchase program. OMH retains the right to reinstate the stock repurchase program as circumstances change. Prior to the suspension of the program, OMH repurchased and retired 2,031,698 shares of its common stock with an average price paid per share of $22.30, for an aggregate total of approximately $45 million, including commissions and fees. The aggregate purchase price in excess of the par value of the repurchased OMH common stock is recorded as a reduction to additional paid-in-capital. To provide funding for the OMH stock repurchase and retirement program, the OMFC Board of Directors authorized multiple dividend payments in the aggregate amount of $45 million. Changes in OMH shares of common stock issued and outstanding were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Balance at beginning of period 134,319,171 136,089,417 136,101,156 135,832,278 Common shares issued 3,842 6,257 253,555 263,396 Common shares retired — — (2,031,698) — Balance at end of period 134,323,013 136,095,674 134,323,013 136,095,674 EARNINGS PER SHARE (OMH ONLY) The computation of earnings per share was as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share data) 2020 2019 2020 2019 Numerator (basic and diluted): Net income $ 250 $ 248 $ 371 $ 594 Denominator: Weighted average number of shares outstanding (basic) 134,321,929 136,095,481 134,847,170 136,060,832 Effect of dilutive securities * 185,620 280,570 152,317 211,559 Weighted average number of shares outstanding (diluted) 134,507,549 136,376,051 134,999,487 136,272,391 Earnings per share: Basic $ 1.86 $ 1.82 $ 2.75 $ 4.36 Diluted $ 1.86 $ 1.82 $ 2.75 $ 4.36 * We have excluded weighted-average unvested restricted stock units totaling 256,034 and 184,997 for the three months ended September 30, 2020 and 2019, respectively, and 303,913 and 297,194 for the nine months ended September 30, 2020 and 2019, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future. Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested RSUs and RSAs.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	12. Accumulated Other Comprehensive Income (Loss) Changes, net of tax, in accumulated other comprehensive income (loss) were as follows: (dollars in millions) Unrealized Retirement Foreign Total Three Months Ended September 30, 2020 Balance at beginning of period $ 66 $ 3 $ (4) $ 65 Other comprehensive income before reclassifications 12 — 2 14 Balance at end of period $ 78 $ 3 $ (2) $ 79 Three Months Ended September 30, 2019 Balance at beginning of period $ 30 $ (3) $ 1 $ 28 Other comprehensive income (loss) before reclassifications 11 — (1) 10 Balance at end of period $ 41 $ (3) $ — $ 38 Nine Months Ended September 30, 2020 Balance at beginning of period $ 41 $ 3 $ — $ 44 Other comprehensive income (loss) before reclassifications 38 — (2) 36 Reclassification adjustments from accumulated other (1) — — (1) Balance at end of period $ 78 $ 3 $ (2) $ 79 Nine Months Ended September 30, 2019 Balance at beginning of period $ (28) $ (3) $ (3) $ (34) Other comprehensive income before reclassifications 69 — 3 72 Balance at end of period $ 41 $ (3) $ — $ 38 * There were no amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three and nine months ended September 30, 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes We had a net deferred tax asset of $440 million and $104 million at September 30, 2020 and December 31, 2019, respectively. The increase in our net deferred tax asset of $336 million was primarily due to the tax effect of the increase in the allowance for finance receivable losses from both the adoption of ASU 2016-13 and the current period activity. See Note 5 for further information on the increase in allowance. The increase was partly offset by tax amortization of goodwill. We follow the guidance of ASC 740, Income Taxes , for interim reporting of income taxes under which we calculate an estimated annual effective tax rate (“AETR”) and apply the AETR to our year-to-date income (loss) before income taxes. In addition, we recognize any discrete items as they occur. Our estimates may need to be further adjusted throughout the year as the effects of the COVID-19 pandemic plays out in the economic and financial markets, and as a result, our AETR may significantly change in the remaining period of 2020. The effective tax rate for the nine months ended September 30, 2020 was 26.1%, compared to 21.3% for the same period in 2019. The effective tax rate for the nine months ended September 30, 2020 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes and discrete tax expense. The effective tax rate for the nine months ended September 30, 2019 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes, which was offset by the release of the valuation allowance against certain deferred taxes. We are currently under examination of our U.S. federal tax returns for the years 2014 to 2016 by the IRS. We are also under examination by various states for the years 2011 to 2018. Management believes it has adequately provided for taxes for such years. Our gross unrecognized tax benefits, including related interest and penalties, totaled $13 million at September 30, 2020 and $12 million at December 31, 2019. We accrue interest related to uncertain tax positions in income tax expense. The amount of any change in the balance of uncertain tax liabilities over the next 12 months is not expected to be material to our consolidated financial statements. On March 27, 2020, the Coronarvirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, and technical corrections to tax depreciation methods for qualified improvement property. We do not anticipate the CARES Act will have a material impact on our consolidated financial statements. We will continue to monitor legislative developments related to the COVID-19 pandemic.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	14. Contingencies LEGAL CONTINGENCIES In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions, and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims. We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss. For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action. For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our consolidated financial statements as a whole.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	15. Segment Information At September 30, 2020, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of (i) our liquidating SpringCastle Portfolio servicing activity and (ii) our non-originating legacy operations, which primarily include our liquidating real estate loans. The accounting policies of the C&I segment are the same as those disclosed in Note 3 and Note 19 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K. The following tables present information about C&I and Other, as well as reconciliations to the consolidated financial statement amounts. (dollars in millions) Consumer Other Segment to Consolidated Three Months Ended September 30, 2020 Interest income $ 1,086 $ 1 $ 2 $ 1,089 Interest expense 250 1 4 255 Provision for finance receivable losses 232 — (1) 231 Net interest income after provision for finance receivable losses 604 — (1) 603 Other revenues 99 4 (2) 101 Other expenses 352 6 5 363 Income (loss) before income tax expense (benefit) $ 351 $ (2) $ (8) $ 341 Three Months Ended September 30, 2019 Interest income $ 1,060 $ 2 $ 3 $ 1,065 Interest expense 238 1 5 244 Provision for finance receivable losses 277 — 5 282 Net interest income after provision for finance receivable losses 545 1 (7) 539 Other revenues 152 5 (1) 156 Other expenses 385 8 5 398 Income (loss) before income tax expense (benefit) $ 312 $ (2) $ (13) $ 297 (dollars in millions) Consumer Other Segment to Consolidated At or for the Nine Months Ended September 30, 2020 Interest income $ 3,260 $ 4 $ 9 $ 3,273 Interest expense 765 3 13 781 Provision for finance receivable losses 1,184 — 2 1,186 Net interest income after provision for finance receivable losses 1,311 1 (6) 1,306 Other revenues 380 12 (2) 390 Other expenses 1,161 18 15 1,194 Income (loss) before income tax expense (benefit) $ 530 $ (5) $ (23) $ 502 Assets $ 19,743 $ 63 $ 2,051 $ 21,857 At or for the Nine Months Ended September 30, 2019 Interest income $ 3,013 $ 7 $ — $ 3,020 Interest expense 700 4 13 717 Provision for finance receivable losses 816 — 20 836 Net interest income after provision for finance receivable losses 1,497 3 (33) 1,467 Other revenues * 442 26 (8) 460 Other expenses 1,125 31 16 1,172 Income (loss) before income tax expense (benefit) $ 814 $ (2) $ (57) $ 755 Assets $ 20,276 $ 82 $ 2,052 $ 22,410 * Other revenues in Other include the gain on the February 2019 Real Estate Loan Sale as well as the impairment adjustments on the remaining loans in held for sale in 2019.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	16. Fair Value Measurements The accounting policies of our Fair Value Measurements are the same as those disclosed in Note 3 and Note 20 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K. The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Fair Value Measurements Using Total Total (dollars in millions) Level 1 Level 2 Level 3 September 30, 2020 Assets Cash and cash equivalents $ 1,944 $ — $ — $ 1,944 $ 1,944 Investment securities 42 1,833 7 1,882 1,882 Net finance receivables, less allowance for finance receivable losses — — 18,176 18,176 15,493 Restricted cash and restricted cash equivalents 497 — — 497 497 Other assets * — — 62 62 62 Liabilities Long-term debt $ — $ 18,702 $ — $ 18,702 $ 17,531 December 31, 2019 Assets Cash and cash equivalents $ 1,159 $ 68 $ — $ 1,227 $ 1,227 Investment securities 45 1,835 4 1,884 1,884 Net finance receivables, less allowance for finance receivable losses — — 19,319 19,319 17,560 Restricted cash and restricted cash equivalents 405 — — 405 405 Other assets * — — 84 84 74 Liabilities Long-term debt $ — $ 18,509 $ — $ 18,509 $ 17,212 * Other assets at September 30, 2020 and December 31, 2019 includes finance receivables held for sale and miscellaneous receivables related to our liquidating loan portfolios. FAIR VALUE MEASUREMENTS — RECURRING BASIS The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value: Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 September 30, 2020 Assets Cash equivalents in mutual funds $ 1,534 $ — $ — $ 1,534 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 12 — 12 Obligations of states, municipalities, and political subdivisions — 86 — 86 Commercial paper — 24 — 24 Non-U.S. government and government sponsored entities — 141 — 141 Corporate debt 5 1,179 — 1,184 RMBS — 212 6 218 CMBS — 63 — 63 CDO/ABS — 78 — 78 Total available-for-sale securities 5 1,795 6 1,806 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 20 — 20 RMBS — 1 — 1 CDO/ABS — 16 — 16 Total bonds — 38 — 38 Preferred stock 14 — — 14 Common stock 23 — 1 24 Total other securities 37 38 1 76 Total investment securities 42 1,833 7 1,882 Restricted cash equivalents in mutual funds 487 — — 487 Total $ 2,063 $ 1,833 $ 7 $ 3,903 Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 December 31, 2019 Assets Cash equivalents in mutual funds $ 775 $ — $ — $ 775 Cash equivalents in securities — 68 — 68 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 11 — 11 Obligations of states, municipalities, and political subdivisions — 92 — 92 Certificates of deposit and commercial paper — 91 — 91 Non-U.S. government and government sponsored entities — 147 — 147 Corporate debt 5 1,093 — 1,098 RMBS — 217 — 217 CMBS — 57 — 57 CDO/ABS — 85 — 85 Total available-for-sale securities 5 1,793 — 1,798 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 23 1 24 RMBS — 1 — 1 CDO/ABS — 12 2 14 Total bonds — 37 3 40 Preferred stock 14 5 — 19 Common stock 26 — — 26 Other long-term investments — — 1 1 Total other securities 40 42 4 86 Total investment securities 45 1,835 4 1,884 Restricted cash equivalents in mutual funds 403 — — 403 Total $ 1,223 $ 1,903 $ 4 $ 3,130 Due to the insignificant activity within the Level 3 assets during the three and nine months ended September 30, 2020 and 2019, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs. FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial for the three and nine months ended September 30, 2020 and 2019. FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS See Note 20 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K for information regarding our methods and assumptions used to estimate fair value.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATIONWe prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP.
CONSOLIDATION	The statements include the accounts of OMH, its subsidiaries (all of which are wholly-owned), and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.We eliminated all material intercompany accounts and transactions.
ESTIMATES	We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates.
RECLASSIFICATIONS	To conform to the 2020 presentation, we have reclassified certain items in prior periods of our condensed consolidated financial statements.
ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED AND ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED	ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED Financial Instruments - Credit Losses In June of 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments , which significantly changes the way that entities are required to measure credit losses. The new standard requires that the estimated credit loss be based upon an “expected credit loss” approach rather than the “incurred loss” approach previously required. The new approach requires entities to measure all expected credit losses for financial assets over their expected lives based on historical experience, current conditions, and reasonable and supportable forecasts of collectability. The expected credit loss model requires earlier recognition of credit losses than the incurred loss approach. We expect ongoing changes in the allowance for finance receivable losses will be driven primarily by the growth of our loan portfolio, mix of secured and unsecured loans, credit quality, and the economic environment at that time. In addition, the ASU developed a new accounting treatment for purchased financial assets with credit deterioration. The ASU also modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring companies to record an allowance for credit impairment rather than write-downs of such assets. Management has reviewed this update and other ASUs that were subsequently issued to further clarify the implementation guidance outlined in ASU 2016-13 We adopted the amendments of these ASUs as of January 1, 2020. Upon adoption, we recorded an increase to the allowance for finance receivable losses of $1.12 billion, an increase to deferred tax assets of $0.28 billion, and a corresponding one-time cumulative reduction to retained earnings, net of tax, of $0.83 billion in the consolidated balance sheet as of January 1, 2020. The adoption of this ASU, as it relates to available-for-sale debt securities, did not have a material impact on the consolidated financial statements as of January 1, 2020. As a result of the adoption of ASU 2016-13, several of our significant accounting policies have changed to reflect the requirements of the new standard. See below for these updated significant accounting policies as of January 1, 2020. Allowance for Finance Receivable Losses We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts. We evaluate our finance receivables for impairment as pools. None of our accounts are large enough to warrant individual evaluation for impairment. We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our finance receivable portfolios. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our finance receivables are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include collateral mix and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates and bankruptcy filings. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Renewals are a significant piece of our new volume and are considered a terminal event of the previous loan. We have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning. Impairments on Investment Securities: Available-for-sale. We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present: • we intend to sell the security; • it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or • we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security). If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in investment revenues equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period. In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines. If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred. If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in investment revenues, and the non-credit loss amount in accumulated other comprehensive income or loss. For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in investment revenues. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in accumulated other comprehensive income or loss. Interest receivables on our investment securities are excluded from the amortized cost and fair value and are recorded in “Other assets.” We have elected not to measure an allowance on interest receivables due to our policy to reverse interest receivable at the time collectability is uncertain. The reversal of interest receivable is recorded in investment revenue. See Notes 4, 5, and 7 for additional information on the adoption of ASU 2016-13. ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED Insurance In August of 2018, the FASB issued ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts , which provides targeted improvements to Topic 944 for the assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment contracts; measurement of market risk benefits; amortization of deferred acquisition costs; and enhanced disclosures. Under current guidance, this ASU will become effective for us beginning January 1, 2022. In July of 2020, the FASB proposed a one-year deferral of this ASU to become effective for public entities for fiscal years beginning January 1, 2023. We have a cross-functional implementation team and a project plan to ensure we comply with all the amendments in this ASU at the time of adoption. We have engaged various vendors to assess a software solution to meet the new accounting and disclosure requirements of the ASU and are currently working toward an agreement with our preferred candidate. We continue to make progress in evaluating the potential impact of the adoption of the ASU on our consolidated financial statements. We do not believe that any other accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
Allowance for Finance Receivable Losses	Allowance for Finance Receivable Losses We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts. We evaluate our finance receivables for impairment as pools. None of our accounts are large enough to warrant individual evaluation for impairment. We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our finance receivable portfolios. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our finance receivables are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include collateral mix and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates and bankruptcy filings. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Renewals are a significant piece of our new volume and are considered a terminal event of the previous loan. We have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning.
Impairments on Investment Securities	Impairments on Investment Securities: Available-for-sale. We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present: • we intend to sell the security; • it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or • we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security). If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in investment revenues equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period. In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines. If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred. If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in investment revenues, and the non-credit loss amount in accumulated other comprehensive income or loss. For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in investment revenues. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in accumulated other comprehensive income or loss.

Reconciliation of OneMain Fin_2

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Reconciliation of consolidated balance sheets and results of consolidated statements of operations of SFC to OMH	In addition to certain intercompany payable and receivable amounts between the entities, the following is a reconciliation of the condensed consolidated balance sheets and results of our condensed consolidated statements of operations of OMFC to OMH: September 30, 2020 December 31, 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other assets $ 1,082 $ 1,081 $ 1 $ 769 $ 768 $ 1 Deferred and accrued taxes 55 57 (2) 34 35 (1) Other liabilities 528 526 2 592 595 (3) Total shareholders' equity (a) 3,123 3,122 1 4,330 4,325 5 Three Months Ended September 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Interest expense $ 255 $ 255 $ — $ 244 $ 247 $ (3) Other operating expenses 134 134 — 146 145 1 Income before income taxes 341 341 — 297 295 2 Income taxes 91 91 — 49 51 (2) Net Income 250 250 — 248 244 4 Nine Months Ended September 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Interest expense $ 781 $ 781 $ — $ 717 $ 719 $ (2) Other revenues (b) 38 38 — 80 88 (8) Other operating expenses 425 425 — 422 421 1 Income before income taxes 502 502 — 755 762 (7) Income taxes 131 131 — 161 165 (4) Net Income 371 371 — 594 597 (3) (a) The differences between total shareholders’ equity in the periods ended September 30, 2020 and December 31, 2019 were due to historical differences in results of operations of the companies and differences in equity awards. (b) Other revenues include the interest income on notes receivables from parent, which were notes from SFI held by OMFC and Springleaf Mortgage Holding Company and subsidiaries (“SMHC”), a wholly-owned direct subsidiary of OMFC. See Note 1 and below for further discussion of the merger between SFI and OMFC.

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of components of net finance receivables by type	Components of our personal loans were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Gross receivables * $ 17,606 $ 18,195 Unearned points and fees (224) (242) Accrued finance charges 290 289 Deferred origination costs 145 147 Total $ 17,817 $ 18,389 * Gross receivables equal the unpaid principal balance (“UPB”) except for the following: • Finance receivables purchased as a performing receivable — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase to reflect the finance receivable balance at its initial fair value; • Purchased credit impaired finance receivables — gross receivables equal the remaining estimated cash flows less the current balance of accretable yield on the purchased credit impaired accounts established prior to the adoption of ASU 2016-13; and • Purchased credit deteriorated finance receivables — gross receivables equal the UPB and any remaining unearned discount established at the time of the adoption of ASU 2016-13 on January 1, 2020.
Summary of net finance receivables by type and by days delinquent	The following is a summary of our personal loans held for investment by the year of origination and number of days delinquent, our key credit quality indicator, at September 30, 2020: (dollars in millions) 2020 2019 2018 2017 2016 Prior Total Performing Current $ 6,504 $ 6,940 $ 2,534 $ 844 $ 251 $ 132 $ 17,205 30-59 days past due 36 103 45 19 7 5 215 60-89 days past due 20 66 28 11 4 2 131 Total performing 6,560 7,109 2,607 874 262 139 17,551 Nonperforming (Nonaccrual) 90-179 days past due 26 133 61 23 9 6 258 180 days or more past due — 5 2 1 — — 8 Total nonperforming 26 138 63 24 9 6 266 Total $ 6,586 $ 7,247 $ 2,670 $ 898 $ 271 $ 145 $ 17,817 The following is a summary of our personal loans held for investment by number of days delinquent at December 31, 2019, which is prior to the adoption of ASU 2016-13 on January 1, 2020 and continues to be reported under ASC 310, Receivables : (dollars in millions) Total Performing Current $ 17,550 30-59 days past due 272 60-89 days past due 181 Total performing 18,003 Nonperforming 90-179 days past due 377 180 days or more past due 9 Total nonperforming 386 Total $ 18,389
Schedule of purchased credit impaired finance receivables held for investment	Information regarding purchased credit impaired finance receivables were as follows: (dollars in millions) December 31, 2019 Personal Loans Carrying amount, net of allowance $ 40 Outstanding balance (a) 74 Allowance for purchased credit impaired finance receivable losses (b) — Real Estate Loans - Held for Sale Carrying amount $ 19 Outstanding balance (a) 35 (a) Outstanding balance is defined as the UPB of the loans with a net carrying amount. (b) The allowance for purchased credit impaired finance receivable losses reflects the carrying value of the purchased credit impaired loans held for investment exceeding the present value of the expected cash flows. As indicated above, no allowance was required as of December 31, 2019.
Changes in accretable yield for purchased credit impaired finance receivables held for investment and held for sale	Changes in accretable yield for purchased credit impaired finance receivables were as follows: (dollars in millions) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Personal Loans Balance at beginning of period $ 46 $ 39 Accretion (6) (15) Reclassifications from nonaccretable difference * — 16 Balance at end of period $ 40 $ 40 Real Estate Loans - Held for Sale Balance at beginning of period $ 23 $ 27 Accretion (1) (2) Transfer due to finance receivables sold — (3) Balance at end of period $ 22 $ 22 * Reclassifications from nonaccretable difference represents the increases in accretable yield resulting from higher estimated undiscounted cash flows.
Schedule of information regarding TDR finance receivables	Information regarding TDR finance receivables were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Personal Loans TDR gross receivables (a) $ 699 $ 655 TDR net receivables (b) 701 658 Allowance for TDR finance receivable losses 321 272 Real Estate Loans - Held for Sale TDR gross receivables (a) $ 49 $ 52 TDR net receivables (b) 49 53 (a) TDR gross receivables — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase if previously purchased as a performing receivable. (b) TDR net receivables — TDR gross receivables net of unearned points and fees, accrued finance charges, and deferred origination costs.
TDR average net receivables held for investment and held for sale and finance charges recognized on TDR finance receivables held for investment and held for sale	TDR average net receivables and finance charges recognized on TDR finance receivables for our personal loans that are held for investment and our real estate loans that are held for sale were as follows: (dollars in millions) Personal Real Estate Loans Total Three Months Ended September 30, 2020 TDR average net receivables $ 701 $ 49 $ 750 TDR finance charges recognized 13 1 14 Three Months Ended September 30, 2019 TDR average net receivables $ 571 $ 55 $ 626 TDR finance charges recognized 11 1 12 Nine Months Ended September 30, 2020 TDR average net receivables $ 692 $ 51 $ 743 TDR finance charges recognized 38 2 40 Nine Months Ended September 30, 2019 TDR average net receivables $ 525 $ 59 $ 584 TDR finance charges recognized 35 2 37
Schedule of new volume of the TDR finance receivables held for investment and held for sale	Information regarding the new volume of the TDR finance receivables held for investment were as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Pre-modification TDR net finance receivables $ 105 $ 129 $ 392 $ 373 Post-modification TDR net finance receivables: Rate reduction 67 86 242 257 Other * 38 43 150 116 Total post-modification TDR net finance receivables $ 105 $ 129 $ 392 $ 373 Number of TDR accounts 13,581 18,545 52,780 55,358 * “Other” modifications primarily include potential principal and interest forgiveness contingent on future payment performance by the borrower under the modified terms.
Net finance receivables that were modified as TDR finance receivables defaulted within the previous 12 months nonperforming	Personal loans held for investment that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) are reflected in the following table. Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans TDR net finance receivables * $ 20 $ 27 $ 77 $ 66 Number of TDR accounts 2,947 4,202 11,286 10,298 * Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.

Allowance for Finance Receiva_2

Allowance for Finance Receivable Losses (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of changes in the allowance for finance receivable losses by finance receivable type	Changes in the allowance for finance receivable losses were as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Balance at beginning of period $ 2,324 $ 744 $ 829 $ 731 Impact of adoption of ASU 2016-13 * — — 1,118 — Provision for finance receivable losses 231 282 1,186 836 Charge-offs (274) (260) (931) (862) Recoveries 43 32 122 93 Balance at end of period $ 2,324 $ 798 $ 2,324 $ 798 * As a result of the adoption of ASU 2016-13 on January 1, 2020, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3 and 4
Schedule of allowance for finance receivable losses and net finance receivables by type and by impairment method	The allowance for finance receivable losses and net finance receivables by impairment method were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Allowance for finance receivable losses: Collectively evaluated for impairment $ 2,003 $ 557 Purchased credit impaired finance receivables * — — TDR finance receivables 321 272 Total $ 2,324 $ 829 Finance receivables: Collectively evaluated for impairment $ 17,116 $ 17,691 Purchased credit impaired finance receivables * — 40 TDR finance receivables 701 658 Total $ 17,817 $ 18,389 Allowance for finance receivable losses as a percentage of finance receivables 13.05 % 4.51 % * As a result of the adoption of ASU 2016-13 on January 1, 2020, the accounting for purchased credit impaired finance receivables was superseded with purchase credit deteriorated finance receivables which are collectively evaluated for impairment. See Notes 3 and 4 for additional information on the adoption of ASU 2016-3.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of the cost/amortized cost, unrealized gains and losses, and fair value of available-for-sale securities by type	Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows: (dollars in millions) Cost/ Unrealized Unrealized Fair September 30, 2020* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 12 $ — $ — $ 12 Obligations of states, municipalities, and political subdivisions 81 5 — 86 Commercial paper 24 — — 24 Non-U.S. government and government sponsored entities 132 9 — 141 Corporate debt 1,106 83 (5) 1,184 Mortgage-backed, asset-backed, and collateralized: RMBS 211 7 — 218 CMBS 61 2 — 63 CDO/ABS 78 1 (1) 78 Total $ 1,705 $ 107 $ (6) $ 1,806 * There was no allowance for credit losses related to our investment securities as of September 30, 2020. (dollars in millions) Cost/ Unrealized Unrealized Fair December 31, 2019* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 11 $ — $ — $ 11 Obligations of states, municipalities, and political subdivisions 91 2 (1) 92 Commercial paper 91 — — 91 Non-U.S. government and government sponsored entities 144 3 — 147 Corporate debt 1,054 45 (1) 1,098 Mortgage-backed, asset-backed, and collateralized: RMBS 214 3 — 217 CMBS 56 1 — 57 CDO/ABS 84 1 — 85 Total $ 1,745 $ 55 $ (2) $ 1,798 * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities .
Schedule of fair value and unrealized losses on investment securities by type and length of time in a continuous unrealized loss position	Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows: Less Than 12 Months 12 Months or Longer Total (dollars in millions) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2020 Obligations of states, municipalities, and political subdivisions $ 3 $ — $ — $ — $ 3 $ — Commercial paper 19 — — — 19 — Non-U.S. government and government sponsored entities 3 — — — 3 — Corporate debt 95 (4) 5 (1) 100 (5) Mortgage-backed, asset-backed, and collateralized: RMBS 10 — — — 10 — CMBS 21 — — — 21 — CDO/ABS 21 (1) — — 21 (1) Total $ 172 $ (5) $ 5 $ (1) $ 177 $ (6) December 31, 2019* U.S. government and government sponsored entities $ — $ — $ 3 $ — $ 3 $ — Obligations of states, municipalities, and political subdivisions 29 (1) 4 — 33 (1) Commercial paper 76 — — — 76 — Non-U.S. government and government sponsored entities 19 — 14 — 33 — Corporate debt 63 (1) 13 — 76 (1) Mortgage-backed, asset-backed, and collateralized: RMBS 45 — — — 45 — CMBS 15 — 7 — 22 — CDO/ABS 14 — — — 14 — Total $ 261 $ (2) $ 41 $ — $ 302 $ (2) * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities .
Schedule of contractual maturities of fixed-maturity available-for-sale securities	Contractual maturities of fixed-maturity available-for-sale securities at September 30, 2020 were as follows: (dollars in millions) Fair Amortized Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: Due in 1 year or less $ 128 $ 127 Due after 1 year through 5 years 605 573 Due after 5 years through 10 years 526 485 Due after 10 years 188 170 Mortgage-backed, asset-backed, and collateralized securities 359 350 Total $ 1,806 $ 1,705
Schedule of fair value of other securities by type	The fair value of other securities by type was as follows: (dollars in millions) September 30, 2020 December 31, 2019 Fixed maturity other securities: Bonds Non-U.S. government and government sponsored entities $ 1 $ 1 Corporate debt 20 24 Mortgage-backed, asset-backed, and collateralized bonds 17 15 Total bonds 38 40 Preferred stock * 14 19 Common stock * 24 26 Other long-term investments — 1 Total $ 76 $ 86 * We employ an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments.

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of principal maturities of long-term debt	Principal maturities of long-term debt (excluding projected repayments on securitizations by period) by type of debt at September 30, 2020 were as follows: Senior Debt (dollars in millions) Securitizations Unsecured Junior Total Interest rates (b) 0.95%-6.94% 5.38%-8.88% 2.03% Fourth quarter 2020 $ — $ — $ — $ — 2021 — 635 — 635 2022 — 992 — 992 2023 — 1,175 — 1,175 2024 — 1,300 — 1,300 2025-2067 — 4,985 350 5,335 Securitizations (c) 8,401 — — 8,401 Total principal maturities $ 8,401 $ 9,087 $ 350 $ 17,838 Total carrying amount $ 8,366 $ 8,993 $ 172 $ 17,531 Debt issuance costs (d) (32) (80) — (112) (a) Pursuant to the Base Indenture, the Supplemental Indentures and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions. (b) The interest rates shown are the range of contractual rates in effect at September 30, 2020. (c) Securitizations are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At September 30, 2020, there were no amounts drawn under our revolving conduit facilities. See Note 9 for further information on our long-term debt associated with securitizations and revolving conduit facilities. (d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $31 million at September 30, 2020 and are reported in “Other assets.”

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Carrying amounts of consolidated VIE assets and liabilities	The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts and revolving conduit facilities were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Assets Cash and cash equivalents $ 2 $ 4 Finance receivables - Personal loans 9,371 8,428 Allowance for finance receivable losses 1,184 340 Restricted cash and restricted cash equivalents 479 400 Other assets 31 29 Liabilities Long-term debt $ 8,366 $ 7,643 Other liabilities 16 15

Insurance (Tables)

Insurance (Tables)	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Changes in the reserve for unpaid claims and loss adjustment expenses	Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables): At or for the (dollars in millions) 2020 2019 Balance at beginning of period $ 117 $ 117 Less reinsurance recoverables (4) (4) Net balance at beginning of period 113 113 Additions for losses and loss adjustment expenses incurred to: Current year 221 154 Prior years * (10) (13) Total 211 141 Reductions for losses and loss adjustment expenses paid related to: Current year (107) (85) Prior years (60) (57) Total (167) (142) Net balance at end of period 157 112 Plus reinsurance recoverables 3 3 Balance at end of period $ 160 $ 115

Capital Stock and Earnings Pe_2

Capital Stock and Earnings Per Share (OMH Only) (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of changes in shares issued and outstanding	Changes in OMH shares of common stock issued and outstanding were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Balance at beginning of period 134,319,171 136,089,417 136,101,156 135,832,278 Common shares issued 3,842 6,257 253,555 263,396 Common shares retired — — (2,031,698) — Balance at end of period 134,323,013 136,095,674 134,323,013 136,095,674
Computation of earnings per share	The computation of earnings per share was as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share data) 2020 2019 2020 2019 Numerator (basic and diluted): Net income $ 250 $ 248 $ 371 $ 594 Denominator: Weighted average number of shares outstanding (basic) 134,321,929 136,095,481 134,847,170 136,060,832 Effect of dilutive securities * 185,620 280,570 152,317 211,559 Weighted average number of shares outstanding (diluted) 134,507,549 136,376,051 134,999,487 136,272,391 Earnings per share: Basic $ 1.86 $ 1.82 $ 2.75 $ 4.36 Diluted $ 1.86 $ 1.82 $ 2.75 $ 4.36

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Changes, net of tax, in accumulated other comprehensive income (loss)	Changes, net of tax, in accumulated other comprehensive income (loss) were as follows: (dollars in millions) Unrealized Retirement Foreign Total Three Months Ended September 30, 2020 Balance at beginning of period $ 66 $ 3 $ (4) $ 65 Other comprehensive income before reclassifications 12 — 2 14 Balance at end of period $ 78 $ 3 $ (2) $ 79 Three Months Ended September 30, 2019 Balance at beginning of period $ 30 $ (3) $ 1 $ 28 Other comprehensive income (loss) before reclassifications 11 — (1) 10 Balance at end of period $ 41 $ (3) $ — $ 38 Nine Months Ended September 30, 2020 Balance at beginning of period $ 41 $ 3 $ — $ 44 Other comprehensive income (loss) before reclassifications 38 — (2) 36 Reclassification adjustments from accumulated other (1) — — (1) Balance at end of period $ 78 $ 3 $ (2) $ 79 Nine Months Ended September 30, 2019 Balance at beginning of period $ (28) $ (3) $ (3) $ (34) Other comprehensive income before reclassifications 69 — 3 72 Balance at end of period $ 41 $ (3) $ — $ 38 * There were no amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three and nine months ended September 30, 2020.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Information about the Company's segments	The following tables present information about C&I and Other, as well as reconciliations to the consolidated financial statement amounts. (dollars in millions) Consumer Other Segment to Consolidated Three Months Ended September 30, 2020 Interest income $ 1,086 $ 1 $ 2 $ 1,089 Interest expense 250 1 4 255 Provision for finance receivable losses 232 — (1) 231 Net interest income after provision for finance receivable losses 604 — (1) 603 Other revenues 99 4 (2) 101 Other expenses 352 6 5 363 Income (loss) before income tax expense (benefit) $ 351 $ (2) $ (8) $ 341 Three Months Ended September 30, 2019 Interest income $ 1,060 $ 2 $ 3 $ 1,065 Interest expense 238 1 5 244 Provision for finance receivable losses 277 — 5 282 Net interest income after provision for finance receivable losses 545 1 (7) 539 Other revenues 152 5 (1) 156 Other expenses 385 8 5 398 Income (loss) before income tax expense (benefit) $ 312 $ (2) $ (13) $ 297 (dollars in millions) Consumer Other Segment to Consolidated At or for the Nine Months Ended September 30, 2020 Interest income $ 3,260 $ 4 $ 9 $ 3,273 Interest expense 765 3 13 781 Provision for finance receivable losses 1,184 — 2 1,186 Net interest income after provision for finance receivable losses 1,311 1 (6) 1,306 Other revenues 380 12 (2) 390 Other expenses 1,161 18 15 1,194 Income (loss) before income tax expense (benefit) $ 530 $ (5) $ (23) $ 502 Assets $ 19,743 $ 63 $ 2,051 $ 21,857 At or for the Nine Months Ended September 30, 2019 Interest income $ 3,013 $ 7 $ — $ 3,020 Interest expense 700 4 13 717 Provision for finance receivable losses 816 — 20 836 Net interest income after provision for finance receivable losses 1,497 3 (33) 1,467 Other revenues * 442 26 (8) 460 Other expenses 1,125 31 16 1,172 Income (loss) before income tax expense (benefit) $ 814 $ (2) $ (57) $ 755 Assets $ 20,276 $ 82 $ 2,052 $ 22,410 * Other revenues in Other include the gain on the February 2019 Real Estate Loan Sale as well as the impairment adjustments on the remaining loans in held for sale in 2019.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of fair values and carrying values of financial instruments and fair value hierarchy based on the level of inputs utilized to determine such fair value	The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Fair Value Measurements Using Total Total (dollars in millions) Level 1 Level 2 Level 3 September 30, 2020 Assets Cash and cash equivalents $ 1,944 $ — $ — $ 1,944 $ 1,944 Investment securities 42 1,833 7 1,882 1,882 Net finance receivables, less allowance for finance receivable losses — — 18,176 18,176 15,493 Restricted cash and restricted cash equivalents 497 — — 497 497 Other assets * — — 62 62 62 Liabilities Long-term debt $ — $ 18,702 $ — $ 18,702 $ 17,531 December 31, 2019 Assets Cash and cash equivalents $ 1,159 $ 68 $ — $ 1,227 $ 1,227 Investment securities 45 1,835 4 1,884 1,884 Net finance receivables, less allowance for finance receivable losses — — 19,319 19,319 17,560 Restricted cash and restricted cash equivalents 405 — — 405 405 Other assets * — — 84 84 74 Liabilities Long-term debt $ — $ 18,509 $ — $ 18,509 $ 17,212 * Other assets at September 30, 2020 and December 31, 2019 includes finance receivables held for sale and miscellaneous receivables related to our liquidating loan portfolios.
Schedule of assets and liabilities measured at fair value on a recurring basis	The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value: Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 September 30, 2020 Assets Cash equivalents in mutual funds $ 1,534 $ — $ — $ 1,534 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 12 — 12 Obligations of states, municipalities, and political subdivisions — 86 — 86 Commercial paper — 24 — 24 Non-U.S. government and government sponsored entities — 141 — 141 Corporate debt 5 1,179 — 1,184 RMBS — 212 6 218 CMBS — 63 — 63 CDO/ABS — 78 — 78 Total available-for-sale securities 5 1,795 6 1,806 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 20 — 20 RMBS — 1 — 1 CDO/ABS — 16 — 16 Total bonds — 38 — 38 Preferred stock 14 — — 14 Common stock 23 — 1 24 Total other securities 37 38 1 76 Total investment securities 42 1,833 7 1,882 Restricted cash equivalents in mutual funds 487 — — 487 Total $ 2,063 $ 1,833 $ 7 $ 3,903 Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 December 31, 2019 Assets Cash equivalents in mutual funds $ 775 $ — $ — $ 775 Cash equivalents in securities — 68 — 68 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 11 — 11 Obligations of states, municipalities, and political subdivisions — 92 — 92 Certificates of deposit and commercial paper — 91 — 91 Non-U.S. government and government sponsored entities — 147 — 147 Corporate debt 5 1,093 — 1,098 RMBS — 217 — 217 CMBS — 57 — 57 CDO/ABS — 85 — 85 Total available-for-sale securities 5 1,793 — 1,798 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 23 1 24 RMBS — 1 — 1 CDO/ABS — 12 2 14 Total bonds — 37 3 40 Preferred stock 14 5 — 19 Common stock 26 — — 26 Other long-term investments — — 1 1 Total other securities 40 42 4 86 Total investment securities 45 1,835 4 1,884 Restricted cash equivalents in mutual funds 403 — — 403 Total $ 1,223 $ 1,903 $ 4 $ 3,130
Fair Value, Assets Measured on Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

Business and Basis of Present_2

Business and Basis of Presentation (Details)	Sep. 30, 2020
Majority Shareholder
Schedule of Equity Method Investments [Line Items]
Ownership percentage by Initial Stockholder	40.90%

Reconciliation of OneMain Fin_3

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results - Reconciliation of SFC to OMH (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Other assets	$ 1,082		$ 1,082			$ 769
Deferred and accrued taxes	55		55			34
Other liabilities	528		528			592
Total shareholders' equity	3,123	$ 4,094	3,123	$ 4,094	$ 3,171	4,330	$ 4,141	$ 3,799
Consolidated Statements of Operations
Interest expense	255	244	781	717
Other revenue	13	20	38	80
Other operating expenses	134	146	425	422
Income before income taxes	341	297	502	755
Income taxes	91	49	131	161
Net income	250	248	371	594
OMFC
Consolidated Balance Sheets
Other assets	1,081		1,081			768
Deferred and accrued taxes	57		57			35
Other liabilities	526		526			595
Total shareholders' equity	3,122	4,089	3,122	4,089	$ 3,170	4,325	$ 4,404	$ 4,021
Consolidated Statements of Operations
Interest expense	255	247	781	719
Other revenue	13	20	38	88
Other operating expenses	134	145	425	421
Income before income taxes	341	295	502	762
Income taxes	91	51	131	165
Net income	250	244	371	597
Difference
Consolidated Balance Sheets
Other assets	1		1			1
Deferred and accrued taxes	(2)		(2)			(1)
Other liabilities	2		2			(3)
Total shareholders' equity	1		1			$ 5
Consolidated Statements of Operations
Interest expense	0	(3)	0	(2)
Other revenue			0	(8)
Other operating expenses	0	1	0	1
Income before income taxes	0	2	0	(7)
Income taxes	0	(2)	0	(4)
Net income	$ 0	$ 4	$ 0	$ (3)

Reconciliation of OneMain Fin_4

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results - Additional Information (Details) - USD ($)	Sep. 23, 2019	Jul. 01, 2019	Jan. 01, 2019	Sep. 30, 2019	Sep. 23, 2019	Sep. 30, 2020	Sep. 30, 2019
OMFC
Business Acquisition [Line Items]
Cash contribution from OMH						$ 0	$ 144,000,000
Affiliated Entity | OMFC
Business Acquisition [Line Items]
Equity reduction		$ 408,000,000			$ 264,000,000
Accrued interest	$ 22,000,000	166,000,000			$ 22,000,000
Equity contribution	$ 144,000,000
Affiliated Entity | SFI | OMFC
Business Acquisition [Line Items]
Notes receivable from parent		232,000,000
Interest income on notes receivable				$ 0			8,000,000
Affiliated Entity | SFI | SMHC
Business Acquisition [Line Items]
Notes receivable from parent		$ 28,000,000
SMHC | OMFC
Business Acquisition [Line Items]
Contribution of SCHC to OMFC from SFI			$ 34,000,000				$ 34,000,000
Cash contribution from OMH			$ 53,000,000

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)payment	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Jan. 01, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Financing receivable, allowance for credit loss	$ 2,324	$ 829
Retained earnings	$ 3,123	4,330	$ 3,171		$ 4,094	$ 4,141	$ 3,799
Number of consecutive payments missed to reverse finance charges | payment	4
One-time cumulative effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, allowance for credit loss		1,118		$ 1,120
Deferred tax assets				280
Retained earnings		$ (828)		$ 830

Finance Receivables - Additiona

Finance Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables	$ 17,817	$ 17,817			$ 18,389
Financing receivable, allowance for credit loss	2,324	2,324			829
Finance receivables held for sale	$ 54	$ 54			64
ASU 2016-13 | Purchased credit impaired finance receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables				$ 15
Financing receivable, allowance for credit loss				$ 15
Unlikely to be Collected Financing Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	60 days	60 days
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	90 days	90 days
Reversal of net accrued finance charges	$ 16	$ 66
Finance charges recognized from the contractual interest portion of payments received on nonaccrual finance receivables	3	12
Finance receivable - Personal loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables	17,817	17,817			18,389
Financing receivable, allowance for credit loss	2,324	2,324	$ 2,324		829	$ 798	$ 744	$ 731
Finance receivable - Personal loan | Purchased credit impaired finance receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables	$ 0	$ 0			$ 40
Finance receivable - Personal loan | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term		3 years
Finance receivable - Personal loan | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term		6 years

Finance Receivables - Net Finan

Finance Receivables - Net Finance Receivables by Type (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Financing receivable general information
Total	$ 17,817	$ 18,389
Finance receivable - Personal loan
Financing receivable general information
Gross receivables	17,606	18,195
Unearned points and fees	(224)	(242)
Accrued finance charges	290	289
Deferred origination costs	145	147
Total	$ 17,817	$ 18,389

Finance Receivables - Delinquen

Finance Receivables - Delinquent and Nonperforming Finance Receivables, by Year of Origination (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Delinquency by finance receivables type
Total	$ 17,817	$ 18,389
Finance receivable - Personal loan
Delinquency by finance receivables type
2020	6,586
2019	7,247
2018	2,670
2017	898
2016	271
Prior	145
Total	17,817	18,389
Finance receivable - Personal loan | Performing
Delinquency by finance receivables type
2020	6,560
2019	7,109
2018	2,607
2017	874
2016	262
Prior	139
Total	17,551	18,003
Finance receivable - Personal loan | Performing | Current
Delinquency by finance receivables type
2020	6,504
2019	6,940
2018	2,534
2017	844
2016	251
Prior	132
Total	17,205
Finance receivable - Personal loan | Performing | 30-59 days past due
Delinquency by finance receivables type
2020	36
2019	103
2018	45
2017	19
2016	7
Prior	5
Total	215
Finance receivable - Personal loan | Performing | 60-89 days past due
Delinquency by finance receivables type
2020	20
2019	66
2018	28
2017	11
2016	4
Prior	2
Total	131
Finance receivable - Personal loan | Nonperforming
Delinquency by finance receivables type
2020	26
2019	138
2018	63
2017	24
2016	9
Prior	6
Total	266	$ 386
Finance receivable - Personal loan | Nonperforming | 90-179 days past due
Delinquency by finance receivables type
2020	26
2019	133
2018	61
2017	23
2016	9
Prior	6
Total	258
Finance receivable - Personal loan | Nonperforming | 180 days or more past due
Delinquency by finance receivables type
2020	0
2019	5
2018	2
2017	1
2016	0
Prior	0
Total	$ 8

Finance Receivables - Delinqu_2

Finance Receivables - Delinquent and Nonperforming Finance Receivables, by Number of Days Deliquent (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Delinquency by finance receivables type
Total	$ 17,817	$ 18,389
Finance receivable - Personal loan
Delinquency by finance receivables type
Total	17,817	18,389
Finance receivable - Personal loan | Performing
Delinquency by finance receivables type
Current		17,550
Total	17,551	18,003
Finance receivable - Personal loan | Performing | 30-59 days past due
Delinquency by finance receivables type
Past due		272
Total	215
Finance receivable - Personal loan | Performing | 60-89 days past due
Delinquency by finance receivables type
Past due		181
Total	131
Finance receivable - Personal loan | Nonperforming
Delinquency by finance receivables type
Total	266	386
Finance receivable - Personal loan | Nonperforming | 90-179 days past due
Delinquency by finance receivables type
Past due		377
Total	258
Finance receivable - Personal loan | Nonperforming | 180 days or more past due
Delinquency by finance receivables type
Past due		$ 9
Total	$ 8

Finance Receivables - Purchased

Finance Receivables - Purchased Credit Impaired Finance Receivables HFI (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Real Estate Loans - Held for Sale
Financing Receivable, Impaired [Line Items]
Carrying amount, net of allowance		$ 19
Outstanding balance		35
Finance receivable - Personal loan
Financing Receivable, Impaired [Line Items]
Carrying amount, net of allowance		40
Outstanding balance		74
Allowance for purchased credit impaired finance receivable losses	$ 0	$ 0

Finance Receivables - Changes i

Finance Receivables - Changes in Accretable Yield For Purchased Credit Impaired HFI and HFS (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Real Estate Loans - Held for Sale
Changes in accretable yield for purchased credit impaired finance receivables
Balance at beginning of period	$ 23	$ 27
Accretion	(1)	(2)
Transfer due to finance receivables sold	0	(3)
Balance at end of period	22	22
Finance receivable - Personal loan
Changes in accretable yield for purchased credit impaired finance receivables
Balance at beginning of period	46	39
Accretion	(6)	(15)
Reclassifications from nonaccretable difference	0	16
Balance at end of period	$ 40	$ 40

Finance Receivables - TDR Finan

Finance Receivables - TDR Finance Receivable HFI and HFS (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Real Estate Loans - Held for Sale
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR gross receivables, held for sale	$ 49	$ 52
TDR net receivables, held for sale	49	53
Finance receivable - Personal loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR gross receivables, personal loans	699	655
TDR net receivables, personal loans	701	658
Allowance for TDR finance receivable losses	$ 321	$ 272

Finance Receivables - TDR Avera

Finance Receivables - TDR Average Net Receivables HFI and HFS and Finance Charges Recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR average net receivables	$ 750	$ 626	$ 743	$ 584
TDR finance charges recognized	14	12	40	37
Personal Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR average net receivables	701	571	692	525
TDR finance charges recognized	13	11	38	35
Other Receivables
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR average net receivables	49	55	51	59
TDR finance charges recognized	$ 1	$ 1	$ 2	$ 2

Finance Receivables - New Volum

Finance Receivables - New Volume of TDR HFI & HFS Finance Receivables (Details) - Personal Loans $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)account	Sep. 30, 2019USD ($)account	Sep. 30, 2020USD ($)account	Sep. 30, 2019USD ($)account
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification TDR net finance receivables	$ 105	$ 129	$ 392	$ 373
Total post-modification TDR net finance receivables	$ 105	$ 129	$ 392	$ 373
Number of TDR accounts | account	13,581	18,545	52,780	55,358
Rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total post-modification TDR net finance receivables	$ 67	$ 86	$ 242	$ 257
Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total post-modification TDR net finance receivables	$ 38	$ 43	$ 150	$ 116

Finance Receivables - Modified

Finance Receivables - Modified as TDR - Non Performing Finance Receivables (Details) - Personal Loans $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)account	Sep. 30, 2019USD ($)account	Sep. 30, 2020USD ($)account	Sep. 30, 2019USD ($)account
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR net finance receivables | $	$ 20	$ 27	$ 77	$ 66
Number of TDR accounts | account	2,947	4,202	11,286	10,298

Allowance for Finance Receiva_3

Allowance for Finance Receivable Losses - Changes in Allowance by Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Changes in allowance for finance receivable losses
Balance at beginning of period			$ 829
Provision for finance receivable losses	$ 231	$ 282	1,186	$ 836
Balance at end of period	2,324		2,324		$ 829
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201613Member
Net impact of adoption of ASU 2016-13
Changes in allowance for finance receivable losses
Balance at beginning of period			1,118
Balance at end of period					$ 1,118
Personal Loans
Changes in allowance for finance receivable losses
Balance at beginning of period	2,324	744	829	731	731
Provision for finance receivable losses	231	282	1,186	836
Charge-offs	(274)	(260)	(931)	(862)
Recoveries	43	32	122	93
Balance at end of period	$ 2,324	$ 798	$ 2,324	$ 798	$ 829

Allowance for Finance Receiva_4

Allowance for Finance Receivable Losses - By Type and Impairment Method (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Allowance for finance receivable losses:
Total	$ 2,324	$ 829
Finance receivables:
Net finance receivables	17,817	18,389
Finance receivable - Personal loan
Allowance for finance receivable losses:
Collectively evaluated for impairment	2,003	557
Purchased credit impaired finance receivables *	0	0
TDR finance receivables	321	272
Total	2,324	829	$ 2,324	$ 798	$ 744	$ 731
Finance receivables:
Collectively evaluated for impairment	17,116	17,691
TDR finance receivables	701	658
Net finance receivables	$ 17,817	$ 18,389
Allowance for finance receivable losses as a percentage of finance receivables	13.05%	4.51%
Finance receivable - Personal loan | Purchased credit impaired finance receivables
Finance receivables:
Net finance receivables	$ 0	$ 40

Finance Receivables Held for _2

Finance Receivables Held for Sale (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables held for sale		$ 54		$ 64
Aggregate cash proceeds from sale of real estate loans		$ 0	$ 19
February 2019 Real Estate Loan Sale | Disposed of by Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 16
Aggregate cash proceeds from sale of real estate loans	19
Net gain in other revenues	3
Impairment in other revenue	$ 3

Investment Securities - Cost_Am

Investment Securities - Cost/Amortized, Unrealized Gains/Losses & FV on AFS Investment Securities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	$ 1,705,000,000	$ 1,745,000,000
Unrealized Gains	107,000,000	55,000,000
Unrealized Losses	(6,000,000)	(2,000,000)
Fair Value	1,806,000,000	1,798,000,000
Allowance for credit loss	0
U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	12,000,000	11,000,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	12,000,000	11,000,000
Obligations of states, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	81,000,000	91,000,000
Unrealized Gains	5,000,000	2,000,000
Unrealized Losses	0	(1,000,000)
Fair Value	86,000,000	92,000,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	24,000,000	91,000,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	24,000,000	91,000,000
Non-U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	132,000,000	144,000,000
Unrealized Gains	9,000,000	3,000,000
Unrealized Losses	0
Fair Value	141,000,000	147,000,000
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,106,000,000	1,054,000,000
Unrealized Gains	83,000,000	45,000,000
Unrealized Losses	(5,000,000)	(1,000,000)
Fair Value	1,184,000,000	1,098,000,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	211,000,000	214,000,000
Unrealized Gains	7,000,000	3,000,000
Unrealized Losses	0	0
Fair Value	218,000,000	217,000,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	61,000,000	56,000,000
Unrealized Gains	2,000,000	1,000,000
Unrealized Losses	0
Fair Value	63,000,000	57,000,000
CDO/ABS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	78,000,000	84,000,000
Unrealized Gains	1,000,000	1,000,000
Unrealized Losses	(1,000,000)	0
Fair Value	$ 78,000,000	$ 85,000,000

Investment Securities - Additio

Investment Securities - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)investment	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)investment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 13		$ 13
Investment securities in an unrealized loss position | investment	233		233		398
Proceeds from sales and redemptions	$ 74	$ 36	$ 179	$ 245
Securities on deposit with third parties	$ 604		$ 604		$ 633

Investment Securities - Fair Va

Investment Securities - Fair Value and Unrealized Losses on AFS Investment Securities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value
Less Than 12 Months	$ 172	$ 261
12 Months or Longer	5	41
Total	177	302
Unrealized Losses
Less Than 12 Months	(5)	(2)
12 Months or Longer	(1)	0
Total	(6)	(2)
U.S. government and government sponsored entities
Fair Value
Less Than 12 Months		0
12 Months or Longer		3
Total		3
Unrealized Losses
Less Than 12 Months		0
12 Months or Longer		0
Total		0
Obligations of states, municipalities, and political subdivisions
Fair Value
Less Than 12 Months	3	29
12 Months or Longer	0	4
Total	3	33
Unrealized Losses
Less Than 12 Months	0	(1)
12 Months or Longer	0	0
Total	0	(1)
Commercial paper
Fair Value
Less Than 12 Months	19	76
12 Months or Longer	0	0
Total	19	76
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
Non-U.S. government and government sponsored entities
Fair Value
Less Than 12 Months	3	19
12 Months or Longer	0	14
Total	3	33
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
Corporate debt
Fair Value
Less Than 12 Months	95	63
12 Months or Longer	5	13
Total	100	76
Unrealized Losses
Less Than 12 Months	(4)	(1)
12 Months or Longer	(1)	0
Total	(5)	(1)
RMBS
Fair Value
Less Than 12 Months	10	45
12 Months or Longer	0	0
Total	10	45
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
CMBS
Fair Value
Less Than 12 Months	21	15
12 Months or Longer	0	7
Total	21	22
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
CDO/ABS
Fair Value
Less Than 12 Months	21	14
12 Months or Longer	0	0
Total	21	14
Unrealized Losses
Less Than 12 Months	(1)	0
12 Months or Longer	0	0
Total	$ (1)	$ 0

Investment Securities - Contrac

Investment Securities - Contractual Maturities of AFS Investment Securities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$ 128
Due after 1 year through 5 years	605
Due after 5 years through 10 years	526
Due after 10 years	188
Mortgage-backed, asset-backed, and collateralized securities	359
Total	1,806	$ 1,798
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	127
Due after 1 year through 5 years	573
Due after 5 years through 10 years	485
Due after 10 years	170
Mortgage-backed, asset-backed, and collateralized securities	350
Cost/ Amortized Cost	$ 1,705	$ 1,745

Investment Securities - Fair _2

Investment Securities - Fair Value of Other Securities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Bonds	$ 38	$ 40
Other long-term investments	0	1
Total	76	86
Non-U.S. government and government sponsored entities
Debt and Equity Securities, FV-NI [Line Items]
Bonds	1	1
Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Bonds	20	24
Mortgage-backed, asset-backed, and collateralized bonds
Debt and Equity Securities, FV-NI [Line Items]
Bonds	17	15
Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	14	19
Common stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 24	$ 26

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Principal maturities of long-term debt by type of debt
Fourth quarter 2020	$ 0
2021	635,000,000
2022	992,000,000
2023	1,175,000,000
2024	1,300,000,000
2025-2067	5,335,000,000
Total principal maturities	17,838,000,000
Long-term Debt	17,531,000,000	$ 17,212,000,000
Debt issuance costs	(112,000,000)
Consolidated VIEs
Principal maturities of long-term debt by type of debt
Long-term Debt	8,366,000,000	7,643,000,000
Securitizations | Consolidated VIEs
Principal maturities of long-term debt by type of debt
Amounts drawn	0
Securitizations
Principal maturities of long-term debt by type of debt
Securitizations	8,401,000,000
Senior Debt | Securitizations
Principal maturities of long-term debt by type of debt
Fourth quarter 2020	0
2021	0
2022	0
2023	0
2024	0
2025-2067	0
Securitizations	8,401,000,000
Total principal maturities	8,401,000,000
Long-term Debt	8,366,000,000
Debt issuance costs	(32,000,000)
Debt issuance costs	$ 31,000,000
Senior Debt | Securitizations | Minimum
Long-term debt
Interest rate	0.95%
Senior Debt | Securitizations | Maximum
Long-term debt
Interest rate	6.94%
Senior Debt | Unsecured Notes
Principal maturities of long-term debt by type of debt
Fourth quarter 2020	$ 0
2021	635,000,000
2022	992,000,000
2023	1,175,000,000
2024	1,300,000,000
2025-2067	4,985,000,000
Total principal maturities	9,087,000,000
Long-term Debt	8,993,000,000
Debt issuance costs	$ (80,000,000)
Senior Debt | Unsecured Notes | Minimum
Long-term debt
Interest rate	5.38%
Senior Debt | Unsecured Notes | Maximum
Long-term debt
Interest rate	8.88%
Junior Subordinated Debt
Principal maturities of long-term debt by type of debt
Fourth quarter 2020	$ 0
2021	0
2022	0
2023	0
2024	0
2025-2067	350,000,000
Total principal maturities	350,000,000
Long-term Debt	172,000,000
Debt issuance costs	0
OMFC
Principal maturities of long-term debt by type of debt
Long-term Debt	17,531,000,000	17,212,000,000
OMFC | Consolidated VIEs
Principal maturities of long-term debt by type of debt
Long-term Debt	$ 8,400,000,000	$ 7,600,000,000
OMFC | Junior Subordinated Debt
Long-term debt
Effective interest rate	203.00%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($) $ in Millions	Jul. 29, 2020	Sep. 30, 2020	Sep. 30, 2020	May 14, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt		$ 17,531	$ 17,531		$ 17,212
8.75% Senior Notes Due 2025 | Senior Debt
Debt Instrument [Line Items]
Interest rate				8.875%
Long-term debt				$ 600
8.25% Senior Notes Due 2020 | Senior Debt
Debt Instrument [Line Items]
Interest rate		8.25%	8.25%
Repayments of debt	$ 1,000
Loss on repurchase and repayments of debt		$ 35	$ 35

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Amount of Consolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 1,944		$ 1,227	$ 1,393
Finance receivables - Personal loans	17,817		18,389
Allowance for finance receivable losses	2,324		829
Restricted cash and restricted cash equivalents	497		405	434
Other assets	1,082		769
Long-term debt	17,531		17,212
Finance receivable - Personal loan
Variable Interest Entity [Line Items]
Finance receivables - Personal loans	17,817		18,389
Allowance for finance receivable losses	2,324	$ 2,324	829	$ 798	$ 744	$ 731
Consolidated VIEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	2		4
Allowance for finance receivable losses	1,184		340
Restricted cash and restricted cash equivalents	479		400
Other assets	31		29
Long-term debt	8,366		7,643
Other liabilities	16		15
Consolidated VIEs | Finance receivable - Personal loan
Variable Interest Entity [Line Items]
Finance receivables - Personal loans	$ 9,371		$ 8,428

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Variable Interest Entity [Line Items]
Interest expense	$ 255	$ 244	$ 781	$ 717
Consolidated VIEs
Variable Interest Entity [Line Items]
Interest expense	$ 84	$ 79	$ 256	$ 243

Variable Interest Entities - Se

Variable Interest Entities - Securitized Borrowings (Details)	9 Months Ended
	Sep. 30, 2020
Minimum
Debt Instrument [Line Items]
Revolving period	1 year
Maximum
Debt Instrument [Line Items]
Revolving period	7 years

Variable Interest Entities - Re

Variable Interest Entities - Revolving Conduit Facilities (Details) - Consolidated VIEs - Securitizations	9 Months Ended
	Sep. 30, 2020USD ($)facility
Line of Credit Facility [Line Items]
Number of conduit facilities | facility	14
Total borrowing capacity	$ 7,200,000,000
Amounts drawn	$ 0
Maximum
Line of Credit Facility [Line Items]
Debt instrument, term	10 years

Insurance (Details)

Insurance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Liability for unpaid claims and claims adjustment expense
Balance at beginning of period	$ 117	$ 117
Less reinsurance recoverables	(3)	(3)	$ (4)	$ (4)
Net balance at beginning of period			113	113
Additions for losses and loss adjustment expenses incurred to:
Current year	221	154
Prior years	(10)	(13)
Total	211	141
Reductions for losses and loss adjustment expenses paid related to:
Current year	(107)	(85)
Prior years	(60)	(57)
Total	(167)	(142)
Net balance at end of period	157	112
Plus reinsurance recoverables	3	3	$ 4	$ 4
Balance at end of period	160	115
Net reserves	$ 10	$ 13

Capital Stock and Earnings Pe_3

Capital Stock and Earnings Per Share (OMH Only) - Additional Information (Details)	Mar. 19, 2020$ / sharesshares	Mar. 19, 2020USD ($)	Sep. 30, 2020USD ($)class	Sep. 30, 2019USD ($)	Mar. 31, 2020USD ($)
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of classes of authorized stock | class			2
Stock repurchase program					$ 200,000,000
Shares repurchased and retired (in shares) | shares	2,031,698
Shares repurchased average price per share (in usd per share) | $ / shares	$ 22.30
Common stock repurchased and retired		$ 45,000,000	$ 45,000,000
Payments of dividends			745,000,000	$ 374,000,000
OMFC
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Payments of dividends			$ 45,000,000

Capital Stock and Earnings Pe_4

Capital Stock and Earnings Per Share (OMH Only) - Changes in Shares Issued and Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Beginning balance (in shares)	134,319,171	136,089,417	136,101,156	135,832,278
Common shares issued (in shares)	3,842	6,257	253,555	263,396
Common shares retired (in shares)	0	0	(2,031,698)	0
Ending balance (in shares)	134,323,013	136,095,674	134,323,013	136,095,674

Capital Stock and Earnings Pe_5

Capital Stock and Earnings Per Share (OMH Only) - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator (basic and diluted):
Net income	$ 250	$ 248	$ 371	$ 594
Denominator:
Weighted average number of shares outstanding (basic) (in shares)	134,321,929	136,095,481	134,847,170	136,060,832
Effect of dilutive securities (in shares)	185,620	280,570	152,317	211,559
Weighted average number of shares outstanding (diluted) (in shares)	134,507,549	136,376,051	134,999,487	136,272,391
Earnings per share:
Basic (in dollars per share)	$ 1.86	$ 1.82	$ 2.75	$ 4.36
Diluted (in dollars per share)	$ 1.86	$ 1.82	$ 2.75	$ 4.36
Service-based shares
Earnings per share:
Shares excluded in the diluted earnings per share calculation (in shares)	256,034	184,997	303,913	297,194

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	$ 3,171,000,000	$ 4,141,000,000	$ 4,330,000,000	$ 3,799,000,000
Other comprehensive income (loss) before reclassifications	14,000,000	10,000,000	36,000,000	72,000,000
Reclassification adjustments from accumulated other comprehensive income			1,000,000
Balance at end of period	3,123,000,000	4,094,000,000	3,123,000,000	4,094,000,000
Allowance for credit loss	0		0
Unrealized Gains (Losses) Available-for-Sale Securities *
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	66,000,000	30,000,000	41,000,000	(28,000,000)
Other comprehensive income (loss) before reclassifications	12,000,000	11,000,000	38,000,000	69,000,000
Reclassification adjustments from accumulated other comprehensive income			1,000,000
Balance at end of period	78,000,000	41,000,000	78,000,000	41,000,000
Retirement Plan Liabilities Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	3,000,000	(3,000,000)	3,000,000	(3,000,000)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Reclassification adjustments from accumulated other comprehensive income			0
Balance at end of period	3,000,000	(3,000,000)	3,000,000	(3,000,000)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(4,000,000)	1,000,000	0	(3,000,000)
Other comprehensive income (loss) before reclassifications	2,000,000	(1,000,000)	(2,000,000)	3,000,000
Reclassification adjustments from accumulated other comprehensive income			0
Balance at end of period	(2,000,000)	0	(2,000,000)	0
Total Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	65,000,000	28,000,000	44,000,000	(34,000,000)
Balance at end of period	$ 79,000,000	$ 38,000,000	$ 79,000,000	$ 38,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 440		$ 104
Increase in net deferred tax asset	$ 336
Effective tax rate	26.10%	21.30%
Unrecognized tax benefits, including related interest and penalties	$ 13		$ 12

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Interest income	$ 1,089	$ 1,065	$ 3,273	$ 3,020
Interest expense	255	244	781	717
Provision for finance receivable losses	231	282	1,186	836
Net interest income after provision for finance receivable losses	603	539	1,306	1,467
Other revenues	101	156	390	460
Other expenses	363	398	1,194	1,172
Income (loss) before income tax expense (benefit)	341	297	502	755
Assets	21,857	22,410	21,857	22,410	$ 22,817
Consumer and Insurance | Consumer and Insurance
Segment Reporting Information [Line Items]
Interest income	1,086	1,060	3,260	3,013
Interest expense	250	238	765	700
Provision for finance receivable losses	232	277	1,184	816
Net interest income after provision for finance receivable losses	604	545	1,311	1,497
Other revenues	99	152	380	442
Other expenses	352	385	1,161	1,125
Income (loss) before income tax expense (benefit)	351	312	530	814
Assets	19,743	20,276	19,743	20,276
Other
Segment Reporting Information [Line Items]
Interest income	1	2	4	7
Interest expense	1	1	3	4
Provision for finance receivable losses	0	0	0	0
Net interest income after provision for finance receivable losses	0	1	1	3
Other revenues	4	5	12	26
Other expenses	6	8	18	31
Income (loss) before income tax expense (benefit)	(2)	(2)	(5)	(2)
Assets	63	82	63	82
Segment to GAAP Adjustment
Segment Reporting Information [Line Items]
Interest income	2	3	9	0
Interest expense	4	5	13	13
Provision for finance receivable losses	(1)	5	2	20
Net interest income after provision for finance receivable losses	(1)	(7)	(6)	(33)
Other revenues	(2)	(1)	(2)	(8)
Other expenses	5	5	15	16
Income (loss) before income tax expense (benefit)	(8)	(13)	(23)	(57)
Assets	$ 2,051	$ 2,052	$ 2,051	$ 2,052

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value & Carrying Value Hierarchy Basis (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Assets
Restricted cash and restricted cash equivalents	$ 497	$ 405	$ 434
Total Fair Value
Assets
Cash and cash equivalents	1,944	1,227
Investment securities	1,882	1,884
Net finance receivables, less allowance for finance receivable losses	18,176	19,319
Restricted cash and restricted cash equivalents	497	405
Other assets	62	84
Liabilities
Long-term debt	18,702	18,509
Total Carrying Value
Assets
Cash and cash equivalents	1,944	1,227
Investment securities	1,882	1,884
Net finance receivables, less allowance for finance receivable losses	15,493	17,560
Restricted cash and restricted cash equivalents	497	405
Other assets	62	74
Liabilities
Long-term debt	17,531	17,212
Level 1
Assets
Cash and cash equivalents	1,944	1,159
Investment securities	42	45
Net finance receivables, less allowance for finance receivable losses	0	0
Restricted cash and restricted cash equivalents	497	405
Other assets	0	0
Liabilities
Long-term debt	0	0
Level 2
Assets
Cash and cash equivalents	0	68
Investment securities	1,833	1,835
Net finance receivables, less allowance for finance receivable losses	0	0
Restricted cash and restricted cash equivalents	0	0
Other assets	0	0
Liabilities
Long-term debt	18,702	18,509
Level 3
Assets
Cash and cash equivalents	0	0
Investment securities	7	4
Net finance receivables, less allowance for finance receivable losses	18,176	19,319
Restricted cash and restricted cash equivalents	0	0
Other assets	62	84
Liabilities
Long-term debt	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets at Fair Value Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	$ 1,806	$ 1,798
Other securities	76	86
U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	12	11
Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	86	92
Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,184	1,098
RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	218	217
CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	63	57
CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	78	85
Level 1
Investments, Debt and Equity Securities [Abstract]
Total investment securities	42	45
Level 2
Investments, Debt and Equity Securities [Abstract]
Total investment securities	1,833	1,835
Level 3
Investments, Debt and Equity Securities [Abstract]
Total investment securities	7	4
Fair Value, Measurements, Recurring
Assets
Cash equivalents in mutual funds	1,534	775
Cash equivalents in securities		68
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,806	1,798
Other securities	76	86
Total investment securities	1,882	1,884
Restricted cash equivalents in mutual funds	487	403
Total	3,903	3,130
Fair Value, Measurements, Recurring | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	38	40
Fair Value, Measurements, Recurring | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	12	11
Fair Value, Measurements, Recurring | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	86	92
Fair Value, Measurements, Recurring | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	24	91
Fair Value, Measurements, Recurring | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	141	147
Other securities	1	1
Fair Value, Measurements, Recurring | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,184	1,098
Other securities	20	24
Fair Value, Measurements, Recurring | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	218	217
Other securities	1	1
Fair Value, Measurements, Recurring | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	63	57
Fair Value, Measurements, Recurring | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	78	85
Other securities	16	14
Fair Value, Measurements, Recurring | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	14	19
Fair Value, Measurements, Recurring | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	24	26
Fair Value, Measurements, Recurring | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		1
Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents in mutual funds	1,534	775
Cash equivalents in securities		0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	5	5
Other securities	37	40
Total investment securities	42	45
Restricted cash equivalents in mutual funds	487	403
Total	2,063	1,223
Fair Value, Measurements, Recurring | Level 1 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	5	5
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	14	14
Fair Value, Measurements, Recurring | Level 1 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	23	26
Fair Value, Measurements, Recurring | Level 1 | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		0
Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents in mutual funds	0	0
Cash equivalents in securities		68
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,795	1,793
Other securities	38	42
Total investment securities	1,833	1,835
Restricted cash equivalents in mutual funds	0	0
Total	1,833	1,903
Fair Value, Measurements, Recurring | Level 2 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	38	37
Fair Value, Measurements, Recurring | Level 2 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	12	11
Fair Value, Measurements, Recurring | Level 2 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	86	92
Fair Value, Measurements, Recurring | Level 2 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	24	91
Fair Value, Measurements, Recurring | Level 2 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	141	147
Other securities	1	1
Fair Value, Measurements, Recurring | Level 2 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,179	1,093
Other securities	20	23
Fair Value, Measurements, Recurring | Level 2 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	212	217
Other securities	1	1
Fair Value, Measurements, Recurring | Level 2 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	63	57
Fair Value, Measurements, Recurring | Level 2 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	78	85
Other securities	16	12
Fair Value, Measurements, Recurring | Level 2 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	5
Fair Value, Measurements, Recurring | Level 2 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 2 | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		0
Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents in mutual funds	0	0
Cash equivalents in securities		0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	6	0
Other securities	1	4
Total investment securities	7	4
Restricted cash equivalents in mutual funds	0	0
Total	7	4
Fair Value, Measurements, Recurring | Level 3 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	0	3
Fair Value, Measurements, Recurring | Level 3 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	1
Fair Value, Measurements, Recurring | Level 3 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	6	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 3 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	2
Fair Value, Measurements, Recurring | Level 3 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	$ 1	0
Fair Value, Measurements, Recurring | Level 3 | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		$ 1